Hefei
German carmaker Volkswagen has announced plans to invest 2.1 billion euros (about 2.3 billion U.S. dollars) in China to develop its electric vehicle business in the country.
With an investment of 1 billion euros, Volkswagen will acquire 50 percent of JAG, the parent company of Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Motors), and increase its stake in JAC Volkswagen to 75 percent, according to the agreement signed in Beijing on May 29. In another transaction, Volkswagen will pay 1.1 billion euros to acquire a 26.47-percent share of Gotion High-tech Co., Ltd., a Hefei-based manufacturer of electric batteries, becoming the latter’s largest shareholder.—Xinhua
