The FAW-Volkswagen Automotive Company (informally abbreviated to FAW-VW) was founded on 6 February 1991 as a Chinese joint venture between First Automobile Works (FAW) and Volkswagen Group. Equity holdings are split as follows: Volkswagen AG with 20%, Audi AG has 10%, Volkswagen (China) Invest 10%, and FAW has the remaining 60%. Regarding to the annual production level, FAW-VW announced that the year-on-year production volume exceeded 513,000 units as of 31.07.2009. In 2011, FAW-VW sold just over 1,000,000 automobiles.