Audi : Plans Electric-Vehicle Joint Venture with China's FAW

By Kim Richters

Audi AG said Tuesday that it is launching a new electric-vehicle joint venture with Chinese company FAW, expanding its presence in the country.

The German car maker has signed a memorandum of understanding for the joint production of electric vehicles using its Premium Platform Electric technology from 2024 onward.

"This decision emphasizes the strategic importance of the Chinese market," said Audi's Chief Executive Markus Duesmann. "We are thus actively pushing forward with innovations locally."

Audi said it aims to generate around 40% of its unit sales in China with electrified cars by 2025. In the first nine months of this year, it delivered 512,081 vehicles in China.

Audi's parent company Volkswagen AG together with FAW established a joint-venture called FAW-Volkswagen Automotive Co., Ltd. in 1991, where Audi already produces vehicles.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

10-13-20 0623ET