Germany's Volkswagen agrees to extend joint venture with China's FAW Group
November 30, 2012, 12:35 am TWN
BEIJING -- German carmaker Volkswagen AG on Thursday said it had agreed to extend a joint venture with China's FAW Group to expand production in the world's largest car market.
The two firms agreed to extend their partnership beyond the 2016 expiry of a current agreement and to expand their “product portfolio and jointly develop new business activities,” Volkswagen said.
Informed sources told dpa that Volkswagen and FAW were expected to sign a contract next year to continue their joint venture for up to 25 years.