Forvia and Chery are establishing an interior joint venture.

Supplier Forvia forms a joint venture with car manufacturer Chery

2024-04-16 From Sven Prawitz | Translated by AI 1 min Reading Time

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Like many other suppliers, Forvia continues to invest in China. A new joint venture is set to cover the entire vehicle interior.

The portfolio of the new joint venture between Forvia and Chery is set to cover the entire vehicle interior.(Image: Forvia) — The portfolio of the new joint venture between Forvia and Chery is set to cover the entire vehicle interior.
(Image: Forvia)

The two companies Chery and Forvia have announced a joint venture in the cockpit area. As the supplier announced, systems and modules for the entire interior will be developed and manufactured together. This includes seats, interior fittings, and cockpit electronics. Forvia has set a sales target of one billion euros for 2029.

How the shares will be divided between the owners, who will lead the new company, and whether Chery will be the only customer, Forvia did not want to disclose upon request.

Local research and two manufacturing sites

In the city of Wuhu, about 350 kilometers west of Shanghai, a research and development center is planned in addition to the headquarters. The joint venture is also expected to open two production sites in the first half of 2024. The companies did not say how the shares are divided between the partners.

The investment comes at a time when suppliers in general are increasingly expanding their presence in the Chinese market. Forvia subsidiary Hella and other Tier-1 suppliers such as Valeo, Vitesco Technologies, and ZF are also investing in China. On the other hand, Chery is significantly expanding outside of China. CEO Yin Tongyue is currently on a European tour and is expected to announce a partnership with a local car manufacturer.

The Chinese car manufacturer started exporting its models very early. Almost every fourth vehicle from the OEM has been sold outside China to date. The production targets are around three million vehicles by 2024 and over five million units in 2026.

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