During the period of the Chinese President visiting Germany, China FAW Group Corporation (FAW) and German Volkswagen Group (VW) signed an agreement to further deepening the cooperation in the field of new energy vehicle development.
In accordance with the statement, FAW and VW will further deepen and upgrade their strategic partner relationship through expanding areas of cooperation and increasing investment to accommodate development tendency of China’s new energy vehicle and requirement of users.
The statement also stresses that following successful cooperation and sound economic and social performance for more than 20 years, both sides will increase investment for new energy vehicle development, and expand its production capacity in the future.
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.