China greenlights Audi-FAW's $3.3 billion electric vehicle venture

Volkswagen's Audi and its Chinese state-owned partner FAW Group have received approval from Chinese authorities to start construction on their $3.3 billion electric vehicle joint venture plant, according to a government notice.

The planning regulator of China's northeastern province of Jilin said work on the plant, which will be based in the provincial capital of Changchun city, is planned to start in April and that the companies will invest a total of 20.93 billion yuan ($3.29 billion) in the plant.

The plant will start production in December 2024 and have the capacity to manufacture 150,000 cars a year, according to the regulator.