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MarketScreener Homepage  >  Equities  >  Xetra  >  AUDI AG    NSU   DE0006757008

AUDI AG

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Audi to launch new electric vehicle venture with China's FAW

10/13/2020 | 05:28am EST

BEIJING, Oct 13 (Reuters) - German premium automaker Audi AG said on Tuesday it had signed a memorandum of understanding with China's state-owned FAW Group to launch a venture to make premium electric vehicles (EVs).

Audi has a long partnership with FAW, which is based in the city of Changchun in the northeast of China, the world's biggest car market. The German firm also plans to make vehicles with Shanghai-based automaker SAIC Motor.

Audi said it would produce models based on the Premium Platform Electric (PPE), a base developed with Porsche. It said the new venture would start manufacturing several models in China from 2024.

Audi aims to have electrified vehicles make up a third of Chinese sales by 2025. It sold 512,081 vehicles in China in the first nine months of 2020 and about 690,000 vehicles last year.

Audi and Porsche's representatives in China said there was no plan for Porsche production at the new venture.

EV makers such as home-grown Nio Inc and Xpeng Inc as well as foreign firms like U.S. leader Tesla Inc are expanding manufacturing capacity in China where the government promotes greener vehicles to reduce air pollution.

(Reporting by Yilei Sun and Brenda Goh; Editing by Louise Heavens and Edmund Blair)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG -0.61% 1630 End-of-day quote.103.75%
NIO LIMITED 0.34% 53.69 Delayed Quote.1,235.57%
PORSCHE AUTOMOBIL HOLDING SE -1.08% 56.8 Delayed Quote.-13.87%
SAIC MOTOR CORPORATION LIMITED 0.50% 26.18 End-of-day quote.9.77%
TESLA, INC. 3.35% 574 Delayed Quote.586.06%
VOLKSWAGEN AG -1.80% 149.52 Delayed Quote.-13.56%
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Financials
Sales 2019 55 680 M 66 298 M 66 298 M
Net income 2019 3 850 M 4 584 M 4 584 M
Net cash 2019 17 334 M 20 639 M 20 639 M
P/E ratio 2019 8,94x
Yield 2019 -
Capitalization 70 090 M 83 470 M 83 455 M
EV / Sales 2018 0,29x
EV / Sales 2019 0,31x
Nbr of Employees 89 084
Free-Float 0,36%
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Managers
NameTitle
Markus Duesmann Chairman-Management Board
Herbert Diess Chairman-Supervisory Board
Arno Antlitz Chief Financial Officer
Dirk Große-Loheide Head-Procurement & Information Technology
Hans-Michel Piëch Member-Supervisory Board
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