Joint Investment For Sichuan Car Plant

CHINA First Automobile Works and Europe's auto giant Volkswagen AG said yesterday that they would jointly invest 5 billion yuan (US$733 million) to build an auto plant in Chengdu, capital of southwest China's Sichuan Province.

The plant is expected to create 4,500 jobs. It will have a planned annual output of 150,000 and will make the Volkswagen Jetta.

The firms didn't disclose how the investment would be divided.

Xu Jianyi, CFAW's general manager, said the new investment was made in an effort to support the reconstruction of earthquake-hit Sichuan.

Volkswagen China CEO Winfried Vahland said the Chengdu plant would serve as an important production base to achieve its target of 2 million sales in China by 2018.

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