Desay SV Automotive and FAW Group Form a Joint Venture
On December 2, 2019, in Changchun, Desay SV Automotive Co., Ltd. signed an agreement with FAW Equity Investment (Tianjin) Co., Ltd., a subsidiary of FAW Group, and Fawer Automotive Parts Co., Ltd., officially declaring the establishment of Fusai Automotive Electronics Co., Ltd. (hereinafter referred to as the “Joint Venture”). Zhang Ying, Chairman of FAW Equity Investment, Gan Xianguo, General Manager of Fawer Automotive Parts, and Gao Dapeng, CEO of Desay SV, signed the joint venture agreement on behalf of the three parties. Attending the signing ceremony were Wang Haiying, Vice Mayor of Changchun; Xi Guohua, General Manager of FAW Group; Qiu Xiandong, Deputy General Manager of FAW Group; Zhang Pijie, Assistant General Manager and Purchasing Director of FAW Group; Zhang Zhixin, Chairman of Jilin State-Owned Capital Operation Co., Ltd.; Jiang Jie, Chairman and President of Desay Corporation; and Tan Choon Lim, Chairman of Desay SV; among other relevant leaders.
Xi Guohua, General Manager of FAW Group, said that as China’s leading comprehensive automotive electronics solutions provider, Desay SV is committed to innovation and the mastery of multiple core technologies. In addition, its products cover in-vehicle infotainment systems and information display systems, among other technologies, that provide solutions and services in the fields of “intelligent cabin,” intelligent driving and connected services. The Joint Venture strives to be a model for collaborative innovation and multi-win benefit, enhancing the development and manufacturing abilities of the three partie s in terms of intelligent driving, “intelligent cabin” and connected applications. This will provide FAW Group with greater impetus to improve at a faster pace and to achieve high quality development.
Tan Choon Lim, Chairman of Desay SV, said that FAW Group is one of China’s most powerful automobile groups, and it will also be the first factory-installed accessories customer of the newly-founded company. After more than thirty years of development, Desay SV’s research, design, intelligent manufacturing, quality control and other comprehensive abilities have all reached international professional standards. In addition, Desay SV has established healthy long-term partnerships with FAW Group and its subsidiaries.
The Joint Venture will focus on “intelligent cabin,” intelligent driving and connected services. At the levels of product planning, R&D technology and intelligent manufacturing, among others, the Joint Venture has formed deep synergies with vehicle manufacturers. Together they will build the Joint Venture into a competitive, automotive electronics benchmark enterprise with cutting-edge technology and management practices. It will be located in Changchun, Jilin province. According to the requirements on listed companies, this cooperation agreement will take effect after all sides hold a shareholders’ meeting.