The German constructor VW - VOLKSWAGEN announced the creation of its first joint venture with a majority share (60%) in China to produce, with its Chinese partners SAIC and FAW (which will both have 20%), car transmissions in Shanghai. Close to EUR 107 million will be invested in the new factory, which will have an annual production capacity of 300,000 units and which should start-up in 2003. VW already has two joint ventures in China, namely CHINA VOLKSWAGEN and FAW-VOLKSWAGEN.