Volkswagen To Raise Stake In Its Chinese JV For E-mobility - Quick Facts

Volkswagen (VLKAF.PK,VOW.BE) has agreed to increase its stake from 50% to 75% within the JAC Volkswagen joint venture in China through a capital increase. The deal also includes the acquisition of 50 percent of JAG, the Anhui government-owned entity which is the parent company of JAC. The total investment is valued around 1 billion euros.

The JAC Volkswagen joint venture is an all-electric company which develops, produces and sells NEVs. A portfolio expansion of up to 5 additional BEV models by 2025 is planned.

Also, Volkswagen (China) Investment Co. Ltd. will become the largest shareholder in battery manufacturer Gotion High-Tech Co., Ltd., with 26 percent of the shares, through a buy-in of around 1.1 billion euros. Gotion is in the process of becoming a certified Volkswagen Group battery supplier in China.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor Co. on Monday issued a recall for a total of 19,626 2021 F-Series Super Duty vehicles with dual rear wheels in North America. These include 17,616 vehicles in the U.S. and federal territories; 1,779 in Canada; and 231 in Mexico. The affected vehicles are equipped with front-wheel hub extenders... Royal Philips has recalled specific sleep and respiratory care devices due to the potential health risks related to the polyester-based polyurethane or PE-PUR sound abatement foam component. The affected products include Bi-Level Positive Airway Pressure or Bi-Level PAP, Continuous Positive Airway Pressure or CPAP, and mechanical ventilator devices. Freshpet Inc. is recalling a single lot of Freshpet Select Small Dog Bite Size Beef & Egg Recipe Dog Food citing the potential contamination with Salmonella, a bacterium, the U.S. Food and Drug Administration said. The product comes in 1 LB bags, with UPC code of 627975012939, lot code of 1421FBP0101 and sell by date of 10/30/2021.
Follow RTT