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Volkswagen's Audi in talks with China's SAIC Motor on tie-up www.reuters.com
Volkswagen's (VOWG_p.DE) Audi premium brand is in talks with China's largest automaker, SAIC Motor, on a potential long-term collaboration, Audi said in a statement on Monday.
Reuters reported on Saturday, citing a source familiar with the matter, that the two had signed an agreement that could pave the way for Volkswagen's joint venture with SAIC to make Audi brand cars.
An early entrant to China, the world's largest car market, Audi is the best-selling premium car brand although it is rapidly losing ground to newer car models from Daimler's Mercedes-Benz and non-German automakers like Toyota's Lexus and General Motor's Cadillac.
Audi cars are now only made in China through a joint venture with China FAW Group Corp [SASACJ.UL], providing a lifeline to a state-owned company whose own brand cars have struggled with falling sales.
Audi reaffirmed its commitment to FAW in the release announcing the talks with SAIC, saying it had outlined growth plans with FAW for the next 10 years that include making green energy SUVs and sedans in every major segment.
Audi will also form a new joint venture company with FAW to be based in Beijing and focus on mobility and digital services, according to the statement.
Published Date:2016-11-14
