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FAW Volkswagen buys out FAW's Chengdu arm

From Xinhua| March 30 , 2009 10:04 BJT

FAW Volkswagen has bought out the Chengdu unit of Chinese car maker First Automobile Works (FAW) for 502.35 million yuan ($73.5 million), Xinhua said on 27 March citing the Tianjin Property Rights Exchange.

FAW Volkswagen is a joint venture between FAW and German car producer Volkswagen AG.

The move will expand FAW Volkswagen's operations in southwestern China, where Chengdu FAW Automobile is located, and will boost the sector development in the area.

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