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China has approved Audi-$3.3 FAW’s billion electric vehicles joint venture

News Snapshot:

According to a government notice, Chinese authorities have given their clearance for Volkswagen’s (VOWG p.DE) Audi and also its Chinese state-possessed ally FAW Group (SASAJ.UL) to begin building on their $3.3 billion electric car joint venture project. Work on the factory, that is going to be situated in the provincial headquarters of Changchun city, is expected to begin in April, according to the planning authority of China’s Jilin province. The corporations will invest a cumulative of $3.29 billion (20.93 billion yuan) in the project. According to the regulator, the plant would begin production in December of 2024 and have a…

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