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Volkswagen AG and FAW-Volkswagen agree major purchase deal for 2020

Volkswagen AG and FAW-Volkswagen agree major
purchase deal for 2020

● FAW-Volkswagen renews significant import agreement with Volkswagen AG, covering parts and Audi imported vehicles shipped in 2020.
● On-going cooperation reflects the successful long-term partnership between Volkswagen AG and its Chinese partners.
● Memorandum signed during the 2nd China International Import Expo in Shanghai, showcasing the country’s support for trade liberalization.

Beijing/Shanghai, November 6, 2019 – Volkswagen AG and FAW-Volkswagen Automotive Co., Ltd. have signed a Memorandum of Cooperation for 2020 under which the Chinese joint venture will conduct a major import program covering parts and Audi imported vehicles. The agreement was signed during the 2nd China International Import Expo (CIIE) in Shanghai, demonstrating Volkswagen Group’s commitment to the Chinese market and its confidence in the continued growth of China’s automotive industry.

As with the previous year, the Memorandum of Cooperation stipulates that FAW-Volkswagen will purchase completely knocked down (CKD) parts for the production of Volkswagen models. It will also purchase CKD parts from Audi AG for the production of Audi models, as well as importing fully built Audi models from Audi AG for sale on the Chinese market. All deliveries will take place in 2020.

The document was signed by Karsten Schnake, Executive Vice President Purchasing at Volkswagen Group China, on behalf of Volkswagen AG, and Liu Yigong, Member of the Board of Directors and President of FAW-Volkswagen Automotive Co., Ltd., in the presence of Dr. Stephan Wöllenstein, CEO of Volkswagen Group China.

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