Witnessed by Chinese Premier Li Keqiang and German Chancellor Angela Merkel, China FAW Group Corporation and German Volkswagen AG signed a joint statement to initiate the project of the 2nd phase construction of Foshan plant with investment of 15.3 billion yuan on the base of the current plant of the 1st phase construction, which initiated on Feb 28, 2011, and would be finished in Aug, 2013. The newly constructed factory will produce Volkswagen and Audi brand's latest products and new electric vehicles. FAW and Volkswagen plan to complete the project of the 2nd phase costruction in 3 years. After completion of the whole project, the annual production capacity of the Foshan base will reach 600,000 units. Thus FAW-VW will gain more market share in south China and contribute to the development of local economy.

FAW-Volkswagen, a joint venture between FAW Group and Volkswagen AG, produces a wide range of premium passenger and commercial vehicles. Current products include the Volkswagen Bora, Caddy MPV, Golf, Jetta, Magotan, and Sagitar; and Audi A4, A6L, A8L, Q7, and TT. 
 
FAW Group is a leading global manufacturer of quality passenger cars, commercial trucks, and buses. Established in 1953, the company is China's oldest and largest automotive group. Annual sales exceed two million units.