Audi to Establish Two New Companies With Chinese JV Partner FAW
By Max Bernhard
Audi AG (NSU.XE) said Wednesday that it has agreed with its Chinese joint-venture partner FAW Group to create two new companies for sales and digital services.
Volkswagen AG's (VOW.XE) luxury car maker Audi said a new distribution company will be a fully owned subsidiary of the FAW-Volkswagen joint venture. Audi's present sales division within FAW-Volkswagen will be integrated into the new company, Audi said.
Audi and FAW will set up a second company for mobility and digital services, which will take over Audi's "on demand+" service, which was launched in Beijing last September.
Both new companies are expected to start operations at the end of 2018, Audi said.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
March 07, 2018 05:38 ET (10:38 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.