Faurecia in strategic partnership with Parrot Automotive for connectivity solutions

Faurecia has finalised and signed its strategic partnership with Parrot Automotive which will allow the Group to accelerate development of electronic solutions for the connected vehicle. Parrot Automotive, an automotive connectivity and infotainment specialist, will benefit from new growth opportunities through Faurecia’s strategic relationship with its customers.  

Patrick Koller, CEO of Faurecia, said: “The partnership with Parrot Automotive is a unique opportunity to accelerate development of our product offer for the cockpit of the future. Combining expertise and technology of the two companies will enable us to offer our customers innovative products for autonomous and connected vehicles.”  

With Faurecia technologies, the company says the cockpit of the future will be:

1) Connected, thanks to a smart man-machine interface and onboard electronics providing intuitive connectivity between the occupants, the vehicle and the outside world

2) Versatile, combining safety, well-being and comfort. Depending on the mode selected, the driver will be able to adjust his position in the cockpit and have additional consoles and screens, all in complete safety.  

3) Predictive, improving safety, comfort and user-friendliness. Data captured by Faurecia inside the vehicle will be used to anticipate, learn and adapt to the specific needs of each occupant. 

Faurecia likely to take over Parrot Automotive
In addition, this partnership could enable Faurecia to gradually take control of Parrot Automotive. Initially, it will acquire a 20% share through a capital increase reserved for Faurecia based on a corporate value of €100 million for 100% ownership of Parrot Automotive. At the same time, Faurecia will subscribe to a bond issued by Parrot SA, convertible into Parrot Automotive shares, which could increase Faurecia’s stake in the company to 50.01% from 2019, in case of conversion. By 2022, Faurecia could be in possession of all Parrot Automotive equity.