Home / Business / Auto Tools: Save | Print | E-mail | Most Read | Comment
FAW, Volkswagen to build US$735m auto plant
Adjust font size:

China First Automobile Works (FAW) and Europe's auto giant Volkswagen said Friday they would jointly invest 5 billion yuan (US$735.3 million) to build an auto plant in Chengdu, capital of southwest China's Sichuan Province.

The plant is expected to create 4,500 jobs. It will have a planned annual output of 150,000 and will make the Volkswagen Jetta.

The firms didn't announce how the investment would be divided.

Xu Jianyi, FAW's general manager, said the new investment was made in an effort to support reconstruction of Sichuan, which was hit by a strong earthquake on May 12 last year.

Volkswagen China CEO Winfried Vahland said the Chengdu plant would serve as an important production base to achieve its 2-million sales target in China by 2018.

Europe's largest auto producer, Volkswagen, entered China in 1984 and has invested 6 billion euros (US$8 billion) in China so far, according to the company.

The European auto maker has 13 joint ventures in China, including one between FAW and Volkswagen in Changchun, capital of northeastern Jilin Province, which was established in 1990.

Volkswagen sold more than 1 million vehicles in China last year.

(Xinhua News Agency May 9, 2009)

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Pet Name
China Archives
Related >>
- GM plans truck JV with FAW
- Chinese automaker FAW to raise R&D spending 61% in 2009
- SAIC and FAW may be prompted to buy rivals
May 7-8 Brussels China-EU high-level trade talks

May 17-22 Hong Kong Heilongjiang-Hong Kong Trade Cooperation Seminar
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?