German automaker Audi is planning a joint venture with First Automobile Works (FAW), a Chinese firm based in Changchuan, Jilin, to manufacture electric vehicles to be sold in China and exported to the EU.
Under the joint venture, which will begin production in 2024, Audi and Porsche’s Premium Platform Electric (PPE) will be manufactured as large EVs. FAW operates four plants in China, with a combined production capacity of 700,000 units a year. With this move, Audi will take over a third of China’s EV market.
The EV market appears to be gaining traction quickly, with Hyundai’s new plant in Singapore beginning construction as well. It’s slated for completion in late 2022 and will produce about 30,000 cars annually, of which only 5-6,000 units will be sold in South Korea.