Audi to Set Up New Joint Venture for Electric Vehicles in China
By Joshua Stein
Audi AG said Monday that it will set up a new venture in China
alongside automotive company FAW Jiefang Group Co. to jointly
produce electric vehicles.
The German car maker, a subsidiary of Volkswagen AG, and
Volkswagen Group China will hold a 60% stake in the new company.
The company will be based in Changchun, in the north-east of
Audi said it will be able to locally produce 12 models by the
end of 2021 through the venture, and expects to start manufacturing
the venture's first new model by 2024. The center will produce
fully electric auto models developed by Audi in cooperation with
Porsche Automobil Holding SE.
The new company will officially be founded in the first quarter
of 2021 pending regulatory and stakeholder approval.
Write to Joshua Stein at firstname.lastname@example.org
(END) Dow Jones Newswires
January 18, 2021 08:42 ET (13:42 GMT)
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