COSCO Shipping and FAW Jointly Create Automobile Supply Chain

COSCO Shipping, a Chinese shipping giant, signed a strategic cooperation agreement with FAW Group, an automobile manufacturer, to jointly develop the supply chain of the automobile industry.

According to the agreement, both parties will promote joint venture projects, explore emerging markets, develop innovative business models, and provide leading solutions for global automotive supply chain, digital supply chain ecosystem, green and intelligent development.

In October this year, COSCO Shipping signed an equity transfer agreement with FAW Group to transfer 5% of the company's shares to FAW to expand supply chain cooperation and strengthen overseas business development.

COSCO Shipping believes that the cooperation with FAW Group will further optimize the automobile transportation mode and promote the integration and development of advanced manufacturing industry and modern service industry.

FAW Group is the largest automobile manufacturer and distributor in China, and the export of new energy automobile products in the global market is expanding.