Audi mulls hiking stake in FAW, SAIC joint ventures
Automotive News | 2019-3-15
INGOLSTADT, Germany -- Audi is reviewing whether to raise its stake in its Chinese joint ventures, the premium brand's China chief, Alexander Seitz, said on Thursday.|
China, as part of broader market reforms initiated in 2018, has relaxed restrictions on how much foreign automakers can invest in Chinese joint ventures.
"At the end of this year or beginning next year we will know more," Seitz said about the review. "We welcome the opening of the Chinese market. Any decision on how to proceed will not be taken only by ourselves - all our stakeholders will be included in the process,Ħħ he said.
Audi, a unit of Volkswagen Group, operates two joint ventures in China. One with FAW and another with SAIC Motor Co.
Audi officials outlined plans Thursday to invest 14 billion euros on new technology, including autonomous driving, electric vehicles and digital services, by the end of 2023. It will also cooperate more fully with the Volkswagen Group's VW and Porsche brands to help enhance returns, with plans to put a greater focus on its largest market, China.
Audi CFO Alexander Seitz said the brand is targeting sales of 1 million cars in China in the midterm from around 600,000 today.
Bloomberg contributed to this report.
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