FAW Volkswagen buys out FAW's Chengdu arm
Date:2009-03-30
Volkswagen has bought out the Chengdu unit of Chinese car maker First Automobile Works (FAW) for CNY 502.35 million (USD 73.5m/EUR 54.8m), Xinhua said on 27 March 2009 citing the Tianjin Property Rights Exchange.
FAW Volkswagen is a joint venture between FAW and German car producer Volkswagen AG .
The move will expand FAW Volkswagen's operations in southwestern China, where Chengdu FAW Automobile is located, and will boost the sector development in the area.
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