New JV plant opens amid VW鈥檚 expansion
Print Edition
FAW-Volkswagen Automotive Co said yesterday that a new production base opened in Qingdao in Shandong Province, marking an expansion of the leading European automaker in the world鈥檚 biggest auto market.
FAW-Volkswagen, a joint venture between FAW Group and Volkswagen Group, said the 1.1-million-square-meter base has a total capacity of 300,000 vehicles every year. Investment in the base was about 10 billion yuan (US$1.58 billion).
Construction of the base started in July 2015. The joint venture now has a total of five production bases.
Liu Yigong, general manager of FAW-Volkswagen, said the new base in Qingdao will bring 5 billion yuan in investment from the company鈥檚 suppliers. It will create 3,000 jobs locally, and its suppliers will create up to 10,000 jobs.
Volkswagen set up its first joint venture with SAIC Motor in Shanghai in 1985. As the Chinese economy developed and opened, it established a strong foothold in the Chinese auto market and has been expanding its footprint.
The company now has three ventures following the establishment of a second, FAW-Volkswagen in Changchun, Jilin Province, in 1991, and a third with Anhui Jianghuai Automobile Co Ltd in Hefei, Anhui Province, in 2017.
In addition to expanding production and introducing new techniques, the company has also focused on developing new energy vehicles and intelligent driving.
Volkswagen and its joint-venture partners said in April they will invest 15 billion euros (US$18.3 billion) in developing new energy vehicles and self-driving by 2020.
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