Volkswagen China affiliated Volkswagen Motor (China) Investment Co. will set up a joint venture with Anhui Jianghuai Automobile Group Corp. (SHA:600418) (JAC) to cooperate in the new energy vehicle arena.
The two companies will hold half of the shares each in the new entity
JAC signed the joint-venture contract with Volkswagen (China) Investment Co. in Berlin on June 1, and jointly funded the establishment of Jianghuai Volkswagen Motor Co., with total investment of CNY6 billion in the new company, JAC said in a statement it released yesterday.
The joint venture will develop, manufacture, and sell new energy vehicles, batteries, and other core components and ply product sales, per the statement.
Source: yicaiglobal.com
