Volkswagen AG is in final talks to seal its largest investment deals with Chinese electric vehicle (EV) firms, two sources said, as the German ...
HONG KONG/FRANKFURT: Volkswagen AG is in final talks to seal its largest investment deals with Chinese electric vehicle firms, two sources said, as the German automaker accelerates its push into the world's largest market for environmentally friendlier cars.
The deals highlight how Volkswagen is keen to retain its status as the largest foreign automaker in China even as government virus-busting measures decimate sales, in the face of encroaching rivals such as Tesla Inc which last year became the first foreign automaker to wholly own a car plant. The Anhui provincial office of the State-owned Asset Supervision and Administration Commission declined to comment.
Volkswagen's purchase of a stake in Shenzhen-listed Guoxuan, also based in Hefei, would mark it first direct ownership in a Chinese battery maker.
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