Search

VW takes 50% stake in Chinese auto maker's parent - MarketWatch

jokbanga.blogspot.com

Volkswagen AG has agreed to acquire a 50% stake in the parent company of Shanghai-listed Anhui Jianghuai Automobile Group Corp.

After finalizing the investment deal, Volkswagen is also expected to increase its stake in its joint-venture with Jianghuai Automobile to 75%, the Chinese car maker said Friday, without disclosing financial terms of the deal.

The two companies plan to spend 1 billion euros ($1.11 billion) on raising the annual output of the joint venture to 350,000-400,000 units by 2029, Jianghuai Automobile said.

Volkswagen might also introduce new models to the joint venture, including popular brands of the Volkswagen family and new-energy vehicles, it said.

Jianghuai Automobile's parent is currently wholly owned by the state-owned Assets Supervision and Administration Commission of Anhui province, where Jianghuai is based.

The commission and Volkswagen will increase their investments to each hold a 50% stake in the Chinese car maker's parent Anhui Jianghuai Automobile Group Holding.

Write to Martin Mou at martin.mou@wsj.com

Let's block ads! (Why?)



"auto" - Google News
May 29, 2020 at 09:40AM
https://ift.tt/2yIiXCR

VW takes 50% stake in Chinese auto maker's parent - MarketWatch
"auto" - Google News
https://ift.tt/2Xb9Q5a
https://ift.tt/2SvsFPt

Bagikan Berita Ini

0 Response to "VW takes 50% stake in Chinese auto maker's parent - MarketWatch"

Post a Comment

Powered by Blogger.