Audi is partnering with China's FAW Group to establish a joint venture dedicated to electric vehicles based on the platform the German premium carmaker has developed with Porsche.

In a statement on Monday, Audi said it, together with its parent Volkswagen AG, will hold a 60 percent share of the partnership, which is scheduled to be established in the first quarter of 2021 in Changchun, Jilin province, where FAW is headquartered.

Audi said this is the first Chinese joint venture in which it holds a majority interest. None of the shareholders disclosed the amount of investment in the new company, which is scheduled to kick off production in 2024.

"With the new Audi-FAW company in Changchun, we are further expanding our presence on the Chinese market and strengthening our position as a manufacturer of fully electric premium vehicles through local production," said Markus Duesmann, chairman of Audi AG.

Audi is currently producing its vehicles, mainly gasoline ones, in China through FAW-Volkswagen, in which it has a 5 percent stake.

The German carmaker said the number of its China-made vehicles will reach 12 by the end of 2021.

FAW Audi Sales Co, which is selling locally-made and imported Audi vehicles, will sell electric cars to be produced at the new joint venture.

Products from its second partner, SAIC Motor, are set to be introduced in 2022.

China is Audi's largest market, where it has delivered almost 7 million vehicles. In 2020, it sold 727,358 vehicles, the brand's best ever result in over 30 years of business in the country.