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A car parts company jointly funded by German car producer Volkswagenwerk AG and two leading Chinese auto makers has gone into operation in Shanghai.
With a total investment of 96 million US dollars, the Volkswagen Automotive Gearbox (Shanghai) Co., Ltd. is designed to produce MQ200 gearboxes for Polo cars of Shanghai Volkswagen Corp. and Bora cars of FAW-Volkswagen Automotive Company.
Volkswagen AG of Germany controls 60 percent of the new company and Shanghai Automobile Industry Group and the First Automobile Works (FAW) Group of China each hold 20 percent.
Equipped with advanced technologies, the new company is expected to produce 180,000 gearboxes annually, rising to 300,000 by the year 2005.
A total of 511,000 Volkswagen cars were sold in China last year, up 42 percent from 2001, making China the largest overseas market for German Volkswagenwerk AG.
(Xinhua News Agency January 30, 2003)
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