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Ingolstadt (dpa) - Audi is founding a new company in China with its local partner FAW for the construction of fully electric luxury cars.
The first fully electric Audi models on the Premium Platform Electric (PPE) developed jointly with Porsche should roll off the assembly line in Changchun in northeast China in 2024, Audi announced on Monday.
Audi and the Volkswagen Group are said to hold 60 percent of the shares in the joint venture, which will produce for the local market.
CEO Markus Duesmann said that with the local production, Audi is strengthening its presence in China and its positioning as a manufacturer of fully electric premium vehicles. Together with FAW, Audi plans to expand its locally produced range to twelve models by the end of this year. Changchun is also the headquarters of the FAW Volkswagen joint venture, in which Audi has been involved for more than 30 years. The official establishment of the new joint venture with the approval of all parties involved and the Chinese supervisory authorities should be completed by the end of March. Audi has not yet commented on capacity or the number of employees. Audi sold 727,000 cars in China last year.