Volkswagen Seeks to Deepen China Ties But Declines to Comment on Speculation
May 27 2020 - 2:37AM
Dow Jones News
By Sarah Sloat
Volkswagen AG is looking for ways to strengthen ties with
partners in China, the German auto maker said on Wednesday in
response to a media report that is it about to seal two large
investment deals in the country.
"Volkswagen consistently searches for ways to strengthen and
deepen our relationships with local partners," the German car maker
said. "In this regard we will explore possible options together
with all stakeholders to secure long-term success in China."
The company declined to comment directly on details of a Reuters
report that it is close to two deals with electric-vehicle
companies. Citing sources, Reuters said Volkswagen is set to buy
50% of Anhui Jianghuai Automobile Group Holding, the parent of EV
partner JAC Motors, for at least 3.5 billion yuan ($490
million).
Volkswagen also intends to become the largest shareholder of
battery maker Guoxuan High-tech Co Ltd., unnamed sources told
Reuters.
Reuters said the deals could be announced as early as
Friday.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
May 27, 2020 03:22 ET (07:22 GMT)
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