Home / World News / Volkswagen in final talks to seal top M&A deal in China EV sector: Report

Volkswagen in final talks to seal top M&A deal in China EV sector: Report

The firm is poised to buy 50 per cent of Anhui Jianghuai Automobile Group Holding, the parent of EV partner JAC Motors, for at least 3.5 billion yuan

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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

Reuters Hong Kong/ Frankfurt

4 min read Last Updated : May 27 2020 | 3:11 PM IST

Volkswagen AG is in final talks to seal its largest investment deals with Chinese electric vehicle (EV) firms, two sources said, as the German automaker accelerates its push into the world's largest market for environmentally friendlier cars.

The firm is poised to buy 50 per cent of Anhui Jianghuai Automobile Group Holding, the parent of EV partner JAC Motors, for at least 3.5 billion yuan ($491 million), the people said on condition of anonymity as the matter was private.

It is also set to become the biggest shareholder of EV battery maker Guoxuan High-tech Co Ltd, the people said, adding

Topics : Volkswagen Electric Vehicles

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