Audi Moves Up a Gear With FAW Venture
German luxury car-maker Audi AG is forming a new joint venture with Chinese automaker FAW Group Corp., as its sales growth stalls in the world’s largest auto market.
The venture is expected to begin operations by the end of 2018, an Audi statement said on Wednesday. The venture is an expansion of an existing Audi-FAW joint venture’s sale division.
The stake-holding structure of the new venture will follow the current model of FAW-Volkswagen Automobile Co. Ltd, (FAW-VW), in which FAW accounts for 60%, Audi takes up 10% and Volkswagen Group 30%, an inside source told Caixin.
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