French auto parts supplier Faurecia announced on Wednesday that it has signed an agreement with Dongfeng Auto Parts (Group) Co., Ltd. to form a joint venture, and the two sides will increase cooperation in the field of new energy travel.
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The goal of the new joint venture is to provide Dongfeng's OEM brand with advanced new energy travel solutions for passenger cars and commercial vehicles.
The new joint venture company is located in Fuyang, Hubei and will be put into use in 2018. The annual output value is expected to reach 1.2 billion yuan by 2021.