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VW-FAW tie-up to last another 25 years
By Hu Xiaocen |
November 30, 2012, Friday
|
Print Edition
Print Edition
VOLKSWAGEN AG and China's FAW Group will extend their joint venture for another 25 years after concluding that neither side infringed technology patents, contrary to German media reports.
Volkswagen, Europe's largest carmaker, will extend the tie-up with FAW Group, the second-largest automobile maker in China, beyond 2016 when it is due to end. The partners aim to expand product portfolio and business activities, the German firm said in a statement yesterday.
Martin Winterkorn, CEO of Volkswagen, and Xu Jianyi, chairman of FAW, agreed to the extension after concluding at a board meeting in China that no intellectual property rights over engine and gear box were infringed, according to the statement.
Citing unnamed sources, the German media said earlier this year the Chinese automaker allegedly copied Volkswagen's engine technology illegally.
The German carmaker, which also operates a joint venture with China's SAIC Motor Co, said earlier this year it aims to invest 14 billion euros (US$18 billion) to expand its output in China, the world's largest auto market, by 2016.
Volkswagen, Europe's largest carmaker, will extend the tie-up with FAW Group, the second-largest automobile maker in China, beyond 2016 when it is due to end. The partners aim to expand product portfolio and business activities, the German firm said in a statement yesterday.
Martin Winterkorn, CEO of Volkswagen, and Xu Jianyi, chairman of FAW, agreed to the extension after concluding at a board meeting in China that no intellectual property rights over engine and gear box were infringed, according to the statement.
Citing unnamed sources, the German media said earlier this year the Chinese automaker allegedly copied Volkswagen's engine technology illegally.
The German carmaker, which also operates a joint venture with China's SAIC Motor Co, said earlier this year it aims to invest 14 billion euros (US$18 billion) to expand its output in China, the world's largest auto market, by 2016.
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