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China FAW, Volkswagen plan $735M auto plant in Chengdu

(Xinhua)
Updated: 2009-05-08 19:29

CHENGDU - China First Automobile Works (FAW) and Europe's auto giant Volkswagen said Friday they would jointly invest 5 billion yuan (US$735.3 million) to build an auto plant in Chengdu, capital of southwest China's Sichuan Province.

The plant is expected to create 4,500 jobs. It will have a planned annual output of 150,000 and will make the Volkswagen Jetta.

The firms didn't announce how the investment would be divided.

Xu Jianyi, FAW's general manager, said the new investment was made in an effort to support reconstruction of Sichuan, which was hit by a strong earthquake on May 12 last year.

Volkswagen China CEO Winfried Vahland said the Chengdu plant would serve as an important production base to achieve its 2-million sales target in China by 2018.

Europe's largest auto producer, Volkswagen, entered China in 1984 and has invested 6 billion euros (US$8 billion) in China so far, according to the company.

The European auto maker has 13 joint ventures in China, including one between FAW and Volkswagen in Changchun, capital of northeastern Jilin Province, which was established in 1990.

Volkswagen sold more than 1 million vehicles in China last year.