A Volkswagen joint venture in China has agreed to buy green car credits from Tesla to help meet local environmental rules, three people briefed on the matter told Reuters.
The deal, the first of its kind to be reported between the two companies in China, highlights the scale of the task Volkswagen faces in transforming its huge petrol carmaking business into a leader in electric vehicles to rival Tesla.Shares in Volkswagen, the world's second-biggest automaker, have soared this year as investors warm to its plans to go electric. But in China, and elsewhere, the German company is still heavily reliant on traditional combustion-engine vehicles.
Manufacturers are awarded green credits that can be offset against negative credits for producing more polluting vehicles. They can also buy green credits to ensure compliance with overall targets, though trade is usually between affiliated companies that share a major stakeholder. The ventures' gasoline sedans and SUVs have so far proved far more popular in China than their electric vehicles.It is unclear how many green credits FAW-Volkswagen will buy from Tesla, but FAW-Volkswagen's offer was around 3,000 yuan per credit, higher than prices in previous years, the sources said.
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