Volkswagen, FAW or advance contract extension

According to relevant sources, the Volkswagen Group and FAW Group have reached consensus and strive to extend the cooperation agreement that will expire in 2016.

At the latest FAW-Volkswagen board meeting held in Foshan, China, the chairman of the management board of Volkswagen Group Professor Wen Deen and Chairman of FAW Group Xu Jianyi reached a consensus.

In the future, both parties plan to expand their product lines and develop new business areas. The move not only expressed the friendly and cooperative partnership between Volkswagen Group and FAW Group, but also highlighted the joint deepening cooperation signed by both parties in Wolfsburg on April 23 this year.

During the talks, the patents of engines and transmissions were also mentioned. Chairman Xu Jianyi emphasized that FAW Group and Volkswagen have long respected each other and trusted each other. In the process of cooperation, the two parties never harmed each other's interests. These successful experiences will certainly lay a solid foundation for the future cooperation between FAW Group and Volkswagen Group.

In the late 1980s, Volkswagen Group and FAW Group reached a long-term cooperation agreement in Changchun, a city in northeast China. In 1991, the joint venture FAW-Volkswagen Automotive Co., Ltd. was established, and the first model produced was the Volkswagen Jetta. Since then, FAW-Volkswagen has produced and delivered more than 6 million cars to customers. At present, FAW-Volkswagen employs 20,000 people and is one of the most modern car manufacturers in China.