Volkswagen's Audi and Chinese state-owned partner FAW Group have received approval from Chinese authorities to start construction on a $3.3 billion EV plant. The plant will be a joint venture by the automotive companies and will break ground in April with EV production expected to start by December 2024 with a capacity of 150,000 cars a year.
This marks an important cornerstone in Audi's electrification strategy in China, the world's largest car market, and comes as the result of a 2020 deal to jointly produce EVs with FAW.
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