Shanghai (ZXZC)- China-based state-owned automaker FAW Group and Aviation Industry Corporation of China (AVIC) signed a strategic agreement in Beijing on October 10 to develop cooperation integrating both parties' advantages in automobile and aviation industries, according to FAW Group's official WeChat account.

Under the newly-signed agreement, two companies will make full use of AVIC's advantages in aviation field and FAW Group's vehicle technologies to conduct in-depth collaboration in such areas as the next-generation travel mode, the virtual reality technology, the automotive parts and the NEV (new energy vehicle), etc.

In the future, FAW Group and AVIC will explore the building of a cooperative innovation lab, keeping in-depth exchange and communication in a bid to reach and develop new technologies, explore new business modes and create the ecosystem of innovation with the ultimate goal of achieving innovations in technologies and business modes for both parties.

AVIC was founded on November 6, 2008 through the restructuring and consolidation of the China Aviation Industry CorporationⅠ(AVICⅠ) and the China Aviation Industry CorporationⅡ (AVICⅡ). Its business units cover defense, transport aircrafts, helicopters, avionics and systems, general aviation, research and development, flight testing, trade and logistics, assets management, finance services, engineering and construction, automobiles and so on. Boasting strong productivities and core competencies in manufacturing and high-tech industries, its cooperation with FAW Group, one of the most powerful automakers in China, will create industrial pioneering cases in cooperation modes and development idea.