Air cleared over alleged industrial espionage in China: Volkswagen
AFPFRANKFURT -- German auto giant Volkswagen said on Thursday it had cleared the air with Chinese partner FAW over allegations it stole VW's engine designs and the two sides would bring forward plans to extend their cooperation.
December 1, 2012, 12:03 am TWN
“Within the framework of their existing cooperation, neither of the partners infringed the rights of the other,” a VW spokesman told AFP.
“On this basis, the two sides are actually looking to extending earlier than expected their joint venture contract,” scheduled to expire in 2016, the spokesman said.
VW and FAW have not yet renewed the joint venture agreement, he insisted, denying a number of news agency reports to that effect.
An industry source told AFP that the contract would be “renewed for a period of 25 years some time during 2013.”