The First China Automobile Company (FAW), the German company Audi and the city of Changchun, the capital of Jilin Province in northeastern China, have launched a joint project to produce electric vehicles.
According to the agreement concluded by the three parties on Monday via video link, the project plans to implement the PPE (Premium Platform Electric) architecture.
Production is expected to start in 2024 at the Changchun car plant. It will cost more than 30 billion yuan (about US $ 4.62 billion) to build.
To date, Audi has delivered approximately 7 million vehicles to the Chinese market. The FAW-Audi joint venture sold 726,288 vehicles in mainland China last year, a record high in more than 30 years since Audi entered the Chinese market.