Leading French firm Faurecia has acquired a sizable stake in the leading American wireless power technology company Powersphyr. The financial terms of the deal were not disclosed. Faurecia specializes in vehicle interiors and emission control technologies The acquisition of this stake in Powersphyr is part of the general trend of automotive companies entering into collaborations with start-up tech firms.
Leading French car manufacturer PSA Group has a 46 per cent share in Faurecia. The PSA Group Faurecia had made a deal to invest in another start-up energy technology company, Enogia earlier this year.
The automotive industry is evolving at a rapid pace and many car manufacturers are shifting their focus to electric vehicles and autonomous vehicles. They have started expanding their partnerships with technology companies like LG, Google, Qualcomm and Samsung. This shift will be seen first in the case of component suppliers and manufacturers. With vehicles becoming more complex, components would be contributing more and more towards the total value of a vehicle.
Deals like these also highlight the fact that technological innovations and the shift in mindset is happening not just in the design hubs of renowned car manufacturers but also in the widespread supply base for the global auto industry.
Hamid Moaref has always been fascinated by cars and the automotive industry. His family has a longstanding association with the industry and has been in the tire business for the past 35 years. Raised in Dubai, Hamid attended Capilano University in Vancouver where he graduated with a BBA in marketing before attending an intensive course in magazine publishing in 2005. He has been the publisher and chief editor of Tires & Parts magazine for the past ten years.
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