In November 1993, the then-Board Chairman of FAW and Volkswagen AG, signed a letter of intent on the integration of Audi production and a V6 engine plant into the FAW-Volkswagen joint venture, which had been established at the end of 1991. As a result of the signing of the agreements in December 1995, Audi acquired a 10 percent stake in the joint venture by the name of FAW-Volkswagen Automotive Company Ltd. Volkswagen AG controls 30 percent, with FAW continuing to hold a 60 percent stake.