November 29, 2012 / 8:40 AM / 5 years ago

UPDATE 1-Volkswagen and China's FAW extend partnership

* VW and FAW extend partnership beyond 2016 expiration

* Two China car JV’s to invest 9.8 bln euros during 2013-2015

BEIJING, Nov 29 (Reuters) - Volkswagen AG and FAW Group have agreed to extend their partnership beyond its expiration date of 2016, the German automaker said on Thursday, brushing aside reports by some German media outlets that FAW infringed on Volkswagen’s intellectual property rights.

The joint venture, which makes Volkswagen and Audi cars, will also expand its product portfolio, Volkswagen said, without elaborating.

Volkswagen also operates a car venture in China SAIC Motor Corp.

From 2013-2015, its two joint ventures will invest about 9.8 billion euros ($12.65 billion) in the country, a VW China spokesman said, citing the latest investment scheme finalised late last week. General Motors and other carmakers are also increasing their presence in the world’s largest auto market.

In a brief statement, VW said neither of the venture partners had infringed on one another’s rights in the past years. That was VW’s first public clarification since German media earlier in the year accused FAW of infringing on Volkswagen’s intellectual property rights, citing sources.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below