FAW Group Corporation (FAW) signed a strategic cooperation agreement with Tianjin municipal government on Feb 26.
Tianjin Economic-Technological Development Area (TEDA), Northern China's finest state-sponsored development area, signed a Tianjin Plant Project Supporting Agreement with FAW-Volkswagen Automobile Co. Ltd., and New Project Investment and Cooperation Agreement with Tianjin FAW Toyota Automobile Co. Ltd. respectively. Tianjin Xiqing Economic Technological Development Area, a national-level development area, signed a comprehensive strategic cooperation agreement with FAW Tianjin Xiali Automobile Co. Ltd..
FAW-Volkswagen plans to invest more than 10 billion yuan to build a Northern China’s production base in Tianjin, with an annual capacity of 300,000 units, while its major components and parts suppliers will also settle at Tianjin. FAW Toyota will increase investment of 5.4 billion yuan to complete its new assembly line project in Tianjin. With an annual output of 200,000, the new production line will be more automatic, intellectual, efficient and environmental. Focus on accelerating transformation, upgrading and structural adjustments, Tianjin FAW Xiali will developing11 new models and 2 engines during the 13th Five-Year Plan (2016-2020) period.
FAW Group 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 two million units.