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Established in February 1991, FAW-Volkswagen Automotive Company (FAW-VW) is a joint venture by FAW Group's First Automotive Works, Volkswagen AG, Audi AG and Volkswagen (China) Investment Co., Ltd headquartered in Changchun, Jilin.
Now separated into two companies: FAW-Volkswagen Automotive Company Ltd. and Volkswagen FAW Platform Company Ltd., which makes axles & chassis components & is 60% owned by VW and 40% owned by FAW Car. There are 2 vehicle assembly plants.
Volkswagen (VW; German pronunciation: [ˈfɔlksˌvaːɡn̩] ⓘ) [Note 1] is a German automobile manufacturer based in Wolfsburg, Lower Saxony, Germany.Established in 1937 by The German Labour Front, it was revitalized into the global brand it is today after World War II by British Army officer Ivan Hirst.
Location of Hong Kong. Hong Kong is an autonomous territory of the People's Republic of China on the Pearl River Delta of East Asia. [1] Hong Kong is one of the world's most significant financial centres, with the highest Financial Development Index score and consistently ranks as the world's most competitive and freest economic entity.
In 1997 FAW-Volkswagen Sales Company Ltd. was established as a joint venture between FAW-VW and FAW Group with the equity holdings of 50% for each, it was a smart idea of avoiding the Germans to take control of the sales department under the policy of the governing body then. By 2002 FAW-VW took the majority of the equities back from FAW Group.
Volkswagen AG purchased the remaining stake in Porsche AG equaling 100% of the shares in Porsche Zwischenholding GmbH, effectively becoming its parent company as of 1 August 2012. [43] Volkswagen AG completed the purchase of 19.9% of Suzuki Motor Corporation's issued shares on 15 January 2010.
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Although it was rumoured that Volkswagen would buy Volvo Cars, and despite initial denials, the company Geely Holding Group was ultimately selected to take over the Swedish automaker. [30] Geely Holding allegedly bid about US$1.5 billion to take over Volvo, with Goldman Sachs investing HK$2.59 billion (US$334 million) in the holding company.