logo
  

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
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
Follow RTT