FAW, Volkswagen extend cooperation by 25 years
Updated: 2012-04-25 13:50
(Xinhua)
|
||||||||
CHANGCHUN - China FAW Group Corporation, a leading Chinese automaker, and Volkswagen AG have agreed to extend their joint venture for a further 25 years, the Chinese company announced here Tuesday.
Under an agreement signed in Wolfsburg, Germany, on Monday, FAW and Volkswagen said they would continue their contract from 2016 to 2041, an FAW spokesman said.
FAW President Xu Jianyi and Volkswagen CEO Martin Winterkorn signed the agreement.
The two companies agreed to expand their cooperation by developing new models, new-energy cars and financial services, according to the spokesman.
The FAW-Volkswagen joint venture was set up on Feb 6, 1991. It now has manufacturing bases in Changchun, Chengdu and Foshan.
By the end of last year, the joint venture had put out more than 5 million vehicles.
Founded in the northeastern Chinese city of Changchun in 1953, FAW employs 118,000 people around the world and sells cars in more than 70 countries and regions.
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |