Audi in China
The VW subsidiary has high hopes for the Chinese electric car market.
(Photo: Reuters)
Hamburg Audi is the first in China to take the lead in a joint venture with a Chinese partner. The Ingolstadt VW subsidiary, together with the parent company, will hold 60 percent of the shares in the joint venture for the local production of fully electric Audi models, Audi announced on Monday. 55 percent of the shares were held by Audi AG and five percent by Volkswagen Group China, explained a spokeswoman.
The new company will be based in Changchun, the headquarters of FAW. Various Audi models are to roll off the assembly line in the People’s Republic from 2024.
“With the new Audi-FAW company in Changchun, we are expanding our presence in the Chinese market and strengthening our position as a manufacturer of fully electric premium vehicles through on-site production,” said Audi CEO Markus Duesmann. Last year, the Volkswagen subsidiary sold around 727,000 cars in the world’s largest car market.