FAW Group Corporation and Volkswagen AG signed a joint statement in Beijing on Jul 7. The event will further strengthen long-term strategic cooperation partnership between the both sides.
According to the statement, two plants will be built in the east China port city, Qingdao and the northeast China port city, Tianjin. Thus FAW-Volkswagen’s production capacity will be further increased.
Chinese Premier Li Keqiang and German Chancellor Angela Merkel presented the signing ceremony.
FAW-Volkswagen saw rapid growth in recent years. Sales volume reached 1.5 million units in 2013.
FAW-Volkswagen, a joint venture between FAW Group and Volkswagen AG, produces a wide range of premium passenger and commercial vehicles. Current products include the Volkswagen Bora, Caddy MPV, Golf, Jetta, Magotan, and Sagitar; and Audi A4, A6L, A8L, Q7, and TT.
FAW Group is a leading global manufacturer of quality passenger cars, commercial trucks, and buses. Established in 1953, the company is China's oldest and largest automotive group. Annual sales exceed two million units.