OREANDA-NEWS. May 12, 2012. Witnessed by the Chinese Premier Wen Jiabao and German Chancellor Angela Merkel, China FAW Group Corporation Chairman Xu Jianyi and German Volkswagen Group Chairman Prof. Winterkorn signed a Joint Statement as to extend the FAW-Volkswagen joint venture by a further 25 Years, reported the press-centre of FAW.

Following more than 20 years of successfully cooperation, FAW Group Corporation and Volkswagen Group agreed further to promote their strategic cooperation to a new level, to give full support to strengthen R&D capabilities of joint venture, to optimize and enrich product structure, and to broaden the cooperation fields in R&D of new energy vehicles and financial services. 

The Joint Venture of FAW-Volkswagen Automobile Co. Ltd set up in 1991, and today operates three production facilities in Changchun, Chengdu and Foshan. Its annual sales is already over 1,000,000 units in 2011, and the added up sales volume of the JV is over 5,000,000 units by the end of 2011.

FAW-Volkswagen, a joint venture between FAW Group and Volkswagen AG, produces a wide range of premium passenger and commercial vehicles. Current products include the Volkswagen Bora, Caddy MPV, Golf, Jetta, Magotan, and Sagitar; and Audi A4, A6L, A8L, Q7, and TT. 
 
FAW Group is a leading global manufacturer of quality passenger cars, commercial trucks, and buses. Established in 1953, the company is China's oldest and largest automotive group. Annual sales exceed two million units.