Strategic Alliance Between Faurecia, Geely and Limin in China

NANTERRE, FRANCE – July 9, 2010: Faurecia has finalized a strategic alliance with Chinese groups Geely and Limin with the objective to develop, manufacture and deliver interior systems and automotive exteriors to all Geely brands in China. This alliance includes the set-up of several joint-ventures, which will be jointly held by Faurecia, Limin and Geely and will supply the five new Geely plants currently under construction in China.

The Geely Group, a Chinese automaker, established in 1986 and based in Hangzhou (Zhejiang Province), is developing three automobile brands: Emgrand, Englon (The London Taxi Company) and Gleagle. With currently eight manufacturing sites1 and an annual production capacity of one million vehicles, its 2015 target is to reach a production capacity of two million vehicles with 11 plants. Moreover, the Geely Group is currently negotiating the takeover of Volvo, which Faurecia supplies with interior systems and emissions control technologies.

The Limin Group, established in 1979 and based in Taizhou (Zhejiang Province), has two plants and is currently the main supplier of Geely for interior systems and vehicle exterior.

Faurecia, Geely and Limin finalized the agreement on July 2, 2010 in Ningbo (Zhejiang Province) in presence of Messrs. Jian YANG, CEO of Geely Group, Youzhang CHI, Chairman of Limin Group and Yann Delabrière, Chairman and CEO of Faurecia. The first investments to be carried out will be determined depending on the progress of customer projects.

After taking a stake in the capital of Xuyang Group, this alliance is a new significant step of Faurecia’s development in China. The Group is present through 17 plants and four R&D centers, with some 4,000 employees. It achieved 2009 sales of EUR 670 million. In 2014, Faurecia targets EUR 1.7 billion sales in China, with Asia accounting for 15% of Group sales versus 7% in 2009.