Chinese automaker FAW announced on October 13 that it has signed a memorandum of understanding with longtime partner Audi in Changchun to establish a joint venture company to produce electric vehicles.

The vehicles will be made on the PPE platform, which is a premium electric vehicle platform jointly developed by Audi and Porsche for large electric vehicles, with the first model set to go into production in 2024.

The new joint venture will boost the strategic cooperation between FAW China and Audi across the board, the company said.

As the largest single market for the Audi brand worldwide, FAW-VW Audi delivered 512,081 new vehicles in January-September 2020, up 4.5 percent year-on-year.