By Joshua Stein

Audi AG said Monday that it will set up a new venture in China alongside automotive company FAW Jiefang Group Co. to jointly produce electric vehicles.

The German car maker, a subsidiary of Volkswagen AG, and Volkswagen Group China will hold a 60% stake in the new company. The company will be based in Changchun, in the north-east of China.

Audi said it will be able to locally produce 12 models by the end of 2021 through the venture, and expects to start manufacturing the venture's first new model by 2024. The center will produce fully electric auto models developed by Audi in cooperation with Porsche Automobil Holding SE.

The new company will officially be founded in the first quarter of 2021 pending regulatory and stakeholder approval.

Write to Joshua Stein at joshua.stein@wsj.com

(END) Dow Jones Newswires

January 18, 2021 08:42 ET (13:42 GMT)

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