FAW, Volkswagen set up JV plant in Chengdu
China First Automobile Works (FAW) and Volkswagen AG officially started the construction of its joint venture in Chengdu last week, the official Xinhua News reported.
With an annual output of 150,000 cars, the Chengdu plant will manufacture the Volkswagen Jetta and is expected to create 4,500 jobs and help the automaker to gain larger market share in the less-developed western regions.
The Chengdu plant would be an important contributor to Volkswagen's 2-million sales target in China by 2013, said Volkswagen China CEO Winfried Vahland.
In the first quarter of 2009, Volkswagen sold 284,143 vehicles, representing a year-on-year growth of 5.94% from a year earlier.
The company said that the development of China's passenger car market was better than expected in the first quarter and it had benefited from the growth trend. It also revised its sales target for 2009 in the Chinese market and planned to increase its output by 50,000 units.
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