Volkswagen Group and SAIC Motor extend joint venture contract to 2040

VOLKSWAGEN Group and SAIC Motor announced on Wednesday that they have signed an extension for their joint venture contract in Shanghai until 2040, further strengthening their long-term partnership.

SAIC Volkswagen is China’s first joint venture for passenger cars. This marks the second time that both parties have renewed the contract, extending the period of their joint venture to 55 years.

“The foundation of our success in China lies in the strong, trustful partnerships. The best example of such a partnership is our long-term, successful cooperation with SAIC,” said Ralf Brandstätter, member of the board of management of Volkswagen AG for China, who delivered a speech via video link during the signing ceremony. — Xinhua

Source- The Global New Light of Myanmar