Forvia's CEO, Patrick Koller, stated, "Our collaboration has already resulted in significant achievements in Asia, and we are confident that this expansion will drive further innovation and growth in the European market."
Car parts makers like Forvia, impacted by lagging global car sales, are looking to capitalize as Chinese carmakers expand and challenge established rivals in their home markets.
Forvia currently supplies vehicle interiors, seating, electronics, and software to BYD's Asian automotive production through seven joint plants in China. The partnership also includes an R&D center in Shenzhen and a new seat factory in Thailand.
When asked about the scale of the partnership in Hungary and which products Forvia would supply, a spokesperson declined to comment.
In April, Forvia mentioned it was in talks with more Chinese automakers aiming to establish a presence in Europe. The company is also looking to reduce its dependency on BYD after the carmaker reported its weakest quarterly profit growth since 2022 for the first three months of the year.
Source: Reuters
