Former head of Chinese automaker JAC under investigation for corruption
© Reuters. The logo of Anhui Jianghuai Automobile Co is pictured at its booth during the Auto China 2016 auto show in Beijing, China April 26, 2016. REUTERS/Kim Kyung-Hoon/File PhotoBEIJING - The former party secretary and chairman of Jianghuai Automobile Group , An Jin, is under investigation for corruption, China's anti-graft watchdog said.
In 2017, JAC set up a 50-50 joint venture with Volkswagen focused on electric vehicles and the German automaker secured a controlling stake in the venture three years later after Beijing relaxed foreign ownership rules. JAC is Nio's manufacturing partner. In December，Nio said it would take over some plant assets from JAC.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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