Volkswagen Group once again implemented a series of major decisions to expand cooperation with China First Automobile Group Corporation. Dr. Wei Zhibo, Vice President of Volkswagen Group, Dr. Lei Sengeng, President of Volkswagen Group (China), and Yan Yanfeng, General Manager of China FAW Group Co., Ltd., jointly laid the foundation stone for the new parts and components joint venture and signed a number of projects to strengthen the cooperation between the two parties. New agreement. According to Volkswagen (China) Investment Co., Ltd., Volkswagen FAW Platform Parts Co., Ltd. held a grand foundation stone laying ceremony in Changchun Hi-tech Development Zone today. Niu Haijun, vice governor of Jilin Province and other leaders of the business community and the press attended the ceremony. Volkswagen FAW Platform Parts Co., Ltd. is a parts and components project jointly invested by Volkswagen Group and China FAW Group Corporation. It is the one announced by Volkswagen Group that will achieve a total investment plan of 5.3 billion Euro in China by 2008. Subprojects. The total investment of the project is 1.42 billion yuan. Volkswagen Group and FAW Group each hold 60% and 40% respectively, and they are expected to be put into production by the end of 2005. The company's main products are the front axle and sub-frame assembly for passenger cars, and the total number of rear axles. It includes suspension systems, steering systems, and brake systems for automobiles. The implementation of the platform component joint venture project has expanded the cooperation between Volkswagen Group and FAW Group, promoted the long-term strategic cooperation between the two parties, enhanced the system capability of FAW Parts and the competitiveness of FAW-VW Automotive products. On the same day, Volkswagen Group and FAW Group also announced that they have decided to jointly invest in the construction of a new engine plant in Dalian. The company's engine has an international advanced level. It will set an example for the industry in terms of environmental protection and energy conservation with its advantages of low emission and low fuel consumption. This is also the direction that the automobile industry policy encourages to develop. The project has now been reported to the relevant government departments. To promote the further development of FAW-Volkswagen, Volkswagen Group and FAW Group also signed an intentional document to expand the product line and introduce new products. Among them, the two sides signed a technology transfer agreement for commercial vehicles. According to the agreement, FAW-Volkswagen will enter the domestic commercial vehicle market and use FAW Group's factories in Jilin City to produce new products such as light buses and commercial vans. The investment required for the above new projects belongs to the total investment plan announced by the Volkswagen Group that will be realized in China in 2008 at 5.3 billion Euros (at current exchange rate).
Volkswagen and FAW to invest in a key component joint venture
Volkswagen Group once again implemented a series of major decisions to expand cooperation with China First Automobile Group Corporation. Dr. Wei Zhibo, Vice President of Volkswagen Group, Dr. Lei Sengeng, President of Volkswagen Group (China), and Yan Yanfeng, General Manager of China FAW Group Co., Ltd., jointly laid the foundation stone for the new parts and components joint venture and signed a number of projects to strengthen the cooperation between the two parties. New agreement. According to Volkswagen (China) Investment Co., Ltd., Volkswagen FAW Platform Parts Co., Ltd. held a grand foundation stone laying ceremony in Changchun Hi-tech Development Zone today. Niu Haijun, vice governor of Jilin Province and other leaders of the business community and the press attended the ceremony. Volkswagen FAW Platform Parts Co., Ltd. is a parts and components project jointly invested by Volkswagen Group and China FAW Group Corporation. It is the one announced by Volkswagen Group that will achieve a total investment plan of 5.3 billion Euro in China by 2008. Subprojects. The total investment of the project is 1.42 billion yuan. Volkswagen Group and FAW Group each hold 60% and 40% respectively, and they are expected to be put into production by the end of 2005. The company's main products are the front axle and sub-frame assembly for passenger cars, and the total number of rear axles. It includes suspension systems, steering systems, and brake systems for automobiles. The implementation of the platform component joint venture project has expanded the cooperation between Volkswagen Group and FAW Group, promoted the long-term strategic cooperation between the two parties, enhanced the system capability of FAW Parts and the competitiveness of FAW-VW Automotive products. On the same day, Volkswagen Group and FAW Group also announced that they have decided to jointly invest in the construction of a new engine plant in Dalian. The company's engine has an international advanced level. It will set an example for the industry in terms of environmental protection and energy conservation with its advantages of low emission and low fuel consumption. This is also the direction that the automobile industry policy encourages to develop. The project has now been reported to the relevant government departments. To promote the further development of FAW-Volkswagen, Volkswagen Group and FAW Group also signed an intentional document to expand the product line and introduce new products. Among them, the two sides signed a technology transfer agreement for commercial vehicles. According to the agreement, FAW-Volkswagen will enter the domestic commercial vehicle market and use FAW Group's factories in Jilin City to produce new products such as light buses and commercial vans. The investment required for the above new projects belongs to the total investment plan announced by the Volkswagen Group that will be realized in China in 2008 at 5.3 billion Euros (at current exchange rate).