Beijing (ZXZC)- China's FAW Group, Volkswagen Group, and Audi AG cemented their strategic cooperation by signing a memorandum of understanding.

As FAW Group celebrates its 70th anniversary, the collaboration between FAW, Volkswagen, and Audi also reaches a notable milestone, marking 35 years of partnership. The ceremony symbolizes the deepening ties between the Chinese and German automakers, with both parties engaging in comprehensive planning for future cooperation.

Signing ceremony with Volkswagen; photo credit: FAW Group

FAW Group and Volkswagen Group will jointly enhance the product portfolio of the Volkswagen brand, drive the development of electric vehicles, and facilitate the integration of local Chinese technologies. Through leveraging FAW's R&D resources, the FAW-Volkswagen joint venture aims to expedite product launches and optimize cost-efficiency. Additionally, the partners will strengthen the brand image of Volkswagen and sustainably support the growth of the JETTA sub-brand. 

Furthermore, both entities will continue to support the development of the CAMS charging joint venture, furthering China's progress in creating a comprehensive new energy vehicle ecosystem and infrastructure to contribute to the nation's carbon neutrality goals by 2060.

Signing ceremony with Audi; photo credit: FAW Group

On the other hand, FAW Group and Audi AG will expand their collaboration in the world’s largest auto market, particularly in the high-end product lineup. The two companies will reinforce their cooperation in production, manufacturing, and sales. The Audi FAW New Energy Vehicle project is set to commence production of Audi models based on the PPE platform for the Chinese market by the end of 2024.