Volkswagen AG signed joint declarations on March 28 with its Chinese partners SAIC and FAW to develop and produce green models in China, according to a company news release.
Further development of eco-friendly models and a joint research project were agreed for Shanghai-Volkswagen while development and manufacturing of a new, very eco-friendly vehicle in China was agreed with FAW.
The signing ceremony took place in the presence of the President of the People’s Republic of China, Xi Jinping, and the Chancellor of the Federal Republic of Germany, Dr. Angela Merkel.
“Volkswagen has already been a reliable partner for the People’s Republic of China for 30 years,” said Jochem Heizmann, Member of the Board of Management of Volkswagen and CEO of Volkswagen Group China. “We will continue to set the standard in the Chinese automotive industry with highly-efficient engines and forward-looking technologies.”
These projects are part of the €18.2 billion investment program in new plants and products which Volkswagen and its joint venture partners are implementing between 2014 and 2018.
Agreement was also reached on further expanding production capacity at the FAW-Volkswagen joint venture. A location has not yet been selected.
Volkswagen has set its sights on installing the technical capacity to produce over 4 million vehicles per year in China by 2018.