Tech

Audi-FAW electric vehicle joint venture in China delayed

The spread of coronavirus disease (COVID-19) in Germany
The company’s logo is seen at the headquarters of German car manufacturer Audi, amid the spread of the coronavirus disease (COVID-19) in Ingolstadt, Germany, June 3, 2020. REUTERS / Andreas Gebert

November 29, 2021

BERLIN (Reuters) – Luxury carmaker Volkswagen’s electric-vehicle joint venture in China with state-owned FAW Group is lagging behind schedule due to delays in regulatory approvals. related, Audi said Monday.

Construction work will begin as soon as possible, the spokesman added, without giving a start date for plant construction or car production.

German automotive publication Automobilwoche first reported on Monday that permits for Audi and FAW to start building the plant, which are expected to start producing cars from 2024, are expected to be available. in December following the intervention of the German Economy Ministry.

The German Economy Ministry was not immediately available for comment.

Audi signed a memorandum of understanding with China’s state-owned FAW Group in October 2020 to jointly produce premium electric vehicles (EVs) in China, the world’s largest car market..

The German carmaker has a long-term partnership with FAW for the production of internal combustion engine cars in the northeastern city of Changchun and the southern city of Foshan.

FAW owns 40% of the joint venture, while Volkswagen and Audi own 60%.

Audi also plans to build vehicles with Shanghai-based automaker SAIC Motor, with a goal of electric vehicles accounting for a third of sales in China by 2025.

(Reporting by Victoria Waldersee, Christina Amann, Christian Krämer, Editing by Miranda Murray, Kirsten Donovan)

https://www.oann.com/audi-faw-electric-vehicle-venture-in-china-delayed/?utm_source=rss&utm_medium=rss&utm_campaign=audi-faw-electric-vehicle-venture-in-china-delayed Audi-FAW electric vehicle joint venture in China delayed

Caroline Bleakley

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