Volkswagen Agrees to Extend Joint Venture With China’s FAW
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Volkswagen AG, Europe’s largest carmaker, has reached an agreement to extend its joint venture with China’s FAW Group for another 25 years, after concluding that neither side infringed on technology patents.
The two companies will extend their partnership beyond 2016, when the current contract expires, expand their product portfolio and jointly develop new business activities, the Wolfsburg, Germany-based carmaker said in a statement today.