FAW-Volkswagen, Volkswagen Group sign key accord at CIIE
The automakers sign a memorandum of agreement on Nov 5. [Photo provided to gojilin.gov.cn]
Jilin-based auto manufacturer FAW-Volkswagen signed a key memorandum of agreement, or MOA, for the importing of complete vehicles and components with Germany's Volkswagen Group on Nov 5, during the ongoing sixth China International Import Expo or CIIE.
By 2024, FAW-Volkswagen Automotive Co will import a portion of its components – as well as complete Audi vehicles – from Volkswagen Group, for the production and sales of complete vehicles.
Under the agreement, FAW-Volkswagen will deepen cooperation and leverage the strengths of both China FAW and the German auto giant – aiming to create a collaborative and win-win joint venture 2.0 model.
They'll continue to promote technological integration and innovative transformation, contributing to the development of China's automotive industry.
The agreement is said to signify a significant step forward in the strategic partnership between FAW-Volkswagen and Volkswagen Group.
With the importing of advanced components and Audi vehicles, FAW-Volkswagen aims to boost its competitiveness in the Chinese market by utilizing German technology and expertise.
As China continues to promote the development of its own automotive industry, collaborations like this are expected to play a crucial role in driving innovation, technology transfers and overall industry growth.