Volkswagen Invests 2 Bn Euros In Chinese Electric Vehicle Sector
Umer Jamshaid Published May 30, 2020 | 11:00 AM
Beijing, (UrduPoint / Pakistan Point News - 30th May, 2020 ) :Volkswagen said on Saturday it will invest around 2 billion Euros ($2.2 billion) in two Chinese companies in the electric vehicle sector, calling it "the world's biggest market".
The German car giant said it will take a 50 percent stake in JAG -- the parent company of state-owned JAC Motors -- and increase its holding in the JAC Volkswagen joint venture to 75 percent.
It will also buy a 26 percent share of Chinese battery supplier Gotion High-Tech for 1.1 billion euros.
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