(MENAFN) FAW-Volkswagen plans to set up a production base in Tianjin, China, which will be the biggest joint-venture investment in the northern port city's manufacturing sector, Xinhua reported.
The base in the Tianjin Economic-Technological Development Area will include an investment of USD2.5 billion, said director of the development area's administration committee.
Construction is due to start this year, and the base is expected to be put into use in 2018. FAW-Volkswagen is a joint venture of China's FAW Group, Germany's Volkswagen AG, Audi AG and Volkswagen Automobile.
China is Volkswagen's largest market worldwide. Volkswagen Group China delivered 3.68 million automobiles to the market in the Chinese mainland and Hong Kong in 2014, up 12.4 percent on-year.
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