FAW Group Corporation (FAW) signed a memorandum of understanding (MoU) on import business with Volkswagen Group at the 3rd China International Import Expo (CIIE) on November 5.

Under the MoU, FAW-Volkswagen, a joint venture between FAW Group and Volkswagen Group, plans to purchase CKDs (complete knock down kits) from Volkswagen Group and import complete vehicles for Audi brand in 2021, to satisfy the manufacturing demands for the increasingly rich product lineups and offer high-quality mobility services for Chinese consumers.

It is particularly invaluable to strengthen cooperation between the two sides when the global auto industry is being vexed by the coronavirus pandemic. The signing of the MoU not only promote the automobile trades between China and Germany, but also represents a significant achievement in boosting connectivity and drawing on each other’s strengths under the Belt and Road Initiative.

Looking forward, FAW-Volkswagen is ready to constantly advance technical integration and innovative transformation and promote coordinated development of industrial chains through international exchanges and cooperation.

FAW is a leading global manufacturer of quality passenger cars, trucks, and buses. Established in 1953, the company is China’s oldest and largest automotive group. Annual sales exceed three million units.