Volkswagen invests €1 billion into Chinese business
Topics: VOLKSWAGEN CHINESE
Volkswagen plans to increase its share in JAC Volkswagen, its joint venture for e-mobility.
Around €1 billion is to be invested.
This amount includes the acquisition of 50 percent of JAG, the parent company of the Volkswagen partner JAC, and an increase in the stake in JAC Volkswagen from 50 to 75 percent.
By gaining management control, Volkswagen is paving the way for more electric models and infrastructure.
Furthermore, Volkswagen will acquire a 26 percent stake in battery manufacturer Gotion High-Tech Co., Ltd.
for around €1 billion, becoming the company’s largest shareholder. ■