News Formal

Volkswagen raises China electric vehicle bet by 2 billion euros, buys stakes in two separate firms

  • 📰 Reuters
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Volkswagen AG (VW) said on Friday it has agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players, upping its bet on the world's biggest auto market as international rivals seek to muscle in.

FILE PHOTO: A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in Wolfsburg, Germany September 9, 2019. REUTERS/Fabian Bimmer

VW said it will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group , also raising its stake in an existing electric vehicle joint venture with JAC to 75% from 50%. In a separate transaction, VW said it will pay 1.1 billion euros to acquire 26.5% of Guoxuan High-tech Co Ltd , a maker of electric vehicle batteries, becoming its biggest shareholder.Reuters exclusively reported on Wednesday that Volkswagen was in final talks to invest in the two companies.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

VW is betting bigger on China market than the USA market. Donald Trump realDonaldTrump should put additional Tariffs on VW vehicles. Really! SecPompeo

Amid numerous 'warnings' of international capitals leaving China or Hongkong circulating on western media recently, the VW group is going to invest 2.1 billion euros in two Chinese electric vehicle players. What a contrast! We expect more contrasts to happen.

Not surprised. Nazis love each other.

Ok. I get “business is business” but don’t you VW think this sends the wrong message when China is busy clamping down on HongKong? AngelaMerkeICDU do you have any thoughts, please?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: Volkswagen in final talks to seal biggest M&A deals in China EV sector - sourcesVolkswagen AG is in final talks to seal its largest investment deals with Chinese electric vehicle (EV) firms, two sources said, as the German automaker accelerates its push into the world's largest market for environmentally friendlier cars. BOYCOTT 👉 Volkswagen...any companies that does business with countries like China 🇨🇳 who brings death & destruction on humanity by unleashing deadly China 🇨🇳 virus should be uncategoically & unanimously boycotted by globally communities 🙏 Et l’accord franco allemand sur les batteries, on en fait quoi ? ThierryBreton julie_zhuli EdTaylorJourno Good news this morning for German Chineese economy.
Source: Reuters - 🏆 2. / 97 Read more »