Volkswagen China JV to launch new brand

CHANGCHUN - FAW-Volkswagen, a Sino-German joint venture, has announced it will release its third brand during the next decade.

The new brand follows Audi and Volkswagen, the company said as it unveiled its strategy for 2025, which included a focus on developing new energy cars and internet connectivity preinstalled in all vehicles before they leave the factory.

Environmental friendliness and digitalization are the future direction for the company, it said.

The joint venture aims to hold bigger market shares in key Chinese cities with its three brands.

FAW-Volkswagen was founded in 1991 with Changchun-based China FAW Group. The joint venture has produced more than 15 million cars and aims to raise its annual output to 3 million units by 2020.