Volkswagen AG (VLKAY) has extended its cooperation with Chinese FAW Group Corp. till 2041. The German automaker has also announced to invest $126 million in its Shanghai Volkswagen proving ground, in Xinjiang province, with SAIC Motor Corp.
The Chinese car market has been the center of the auto industry's attention since the past couple of years. General Motors Company (GM) predicts the market to expand by 35 million vehicles a year till 2020.
These carmakers include Volkswagen, with its A3 premium Audi, targeting the Indian luxury market, Mercedes Benz by Daimler AG and BMW, all of which are launching new models and expanding production locally. In 2013, Mercedes witnessed 32% ...
Toyota Motor Corporation's (TM) joint venture in China, FAW Toyota, is facing troubles in the local auto market, and has cut future sales outlook in the region by 40,000 vehicles in 2014, as reported by The Wall Street Journal.