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Germany's Volkswagen agrees to extend joint venture with China's FAW Group

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.

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