Nov 14, 2016 04:36 PM

Audi's Joint-Venture Partner in China Fumes Over New Pact With Rival

(Beijing) — A newly signed deal to produce Audi AG cars in Shanghai has infuriated FAW Group Corp., the current exclusive manufacturer of the German luxury cars in China, according to a source close to FAW.

SAIC Motor Corp., China's largest automaker by sales, and Audi parent Volkswagen AG signed an agreement last week to make and sell the luxury cars from their Shanghai joint venture that makes Volkswagen-brand cars, SAIC said in a filing to the Shanghai Stock Exchange on Monday.

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