The FAW-Volkswagen joint venture is today one of the largest and most innovative car manufacturers in China.
The automaker plans to sell more than 2 million vehicles this year in China, its single biggest market, it said on Friday after celebrating the 20th anniversary of the founding of the joint venture with China’s First Automotive Works (FAW).
Some 4,500 guests celebrated the joint venture’s 20th anniversary yesterday evening at a ceremony in Changchun. The anniversary vehicle, a ‘New Magotan’, left the assembly line in Changchun in the week commencing 22 August.
Together FAW-VW have three plants in the Chinese market in Changchun, Chengdu and Dalian, work on a fourth plant in Foshan is underway. Currently FAW-VW produce the Audi and selected VW models for the Chinese market, whilst VW’s other partner, Shanghai Auto Industry Corporation, produce another section of the VW range.
“We have laid the right foundations with targeted investments of 10.6 billion euros ($15.2 billion) in capacity expansion and innovative and appealing vehicles,” Chief Executive Martin Winterkorn said in a statement.