Audi strengthens its stake in China with local partners FAW and SAIC

German premium carmaker Audi and its two Chinese partners, FAW and SAIC, announced on Wednesday that its future products will be sold and serviced via the FAW-Volkswagen Audi investor network, further realizing its future growth strategy in the world's largest auto market.

Together with FAW, Audi will expand its locally produced portfolio to 12 vehicles by 2021. Products from its second partner, SAIC, are expected to be introduced in 2022.

In October, Audi signed a memorandum of understanding with FAW for the joint production of electric vehicles based on the Premium Platform Electric. PPE was developed jointly by Porsche and Audi. The carmaker said the first new electric models on this platform are expected to be produced from 2024.

Audi China President Werner Eichhorn said on Wednesday: "I am pleased to see that we have reached consensus on such a crucial business decision. Strong local partners are important cornerstones for Audi's success in China. With the new sales setup, we have secured a win-win-win solution for Audi's next 'Golden Decade' in its most important market in the world."

"As a model for joint-venture cooperation in China's automobile industry, FAW China and Audi AG have been pioneers in many fields. The comprehensive deepening of the partnership marks a new era for 'all fields cooperation' and 'mutual creation of the full value chain' for both sides," said Qiu Xiandong, president of FAW Group.

"Together with the Audi brand, we will bring 'in China, for China' Audi products and services to Chinese customers with innovative ideas toward the future, share opportunities and achieve win-win development with our partners, and become the practitioners and pioneers of Audi's new journey together," said SAIC Motor President Wang Xiaoqiu.

Audi has sold more than 6 million vehicles bearing the four-ring logo in China, more than any other premium brand.