FAW-Volkswagen Automobile Co., Ltd. will invest over 2.3 billion yuan (about 324 million U.S. dollars) in introducing the production of three SUV models at its plant in north China's Tianjin Municipality, according to a cooperation agreement inked on Wednesday.
The agreement was signed by the management committee of the Tianjin Economic-Technological Development Area and FAW-Volkswagen, a joint venture between China FAW Group Co., Ltd. and German carmaker Volkswagen.
Production of the three SUV models, two of which are new energy models, is expected to begin in 2026.
All three will be models of Audi or Volkswagen, and their introduction will provide strong momentum for the high-quality development of Tianjin's new energy and intelligent connected vehicle industry, said Hong Shicong, director of the committee.
