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VW finalising deals with Chinese electric vehicle firms

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VW wants to remain the largest foreign carmaker in China, which is targeting 25% of 2025 annual sales to be made up of new-energy vehicles

A Volkswagen car at a car show in Shanghai. Picture: REUTERSVolkswagen is in final talks to seal its largest investment deals with Chinese electric vehicle firms, two sources said, as the German carmaker accelerates its push into the world’s largest market for environmentally friendlier cars.

VW declined to comment on the deals, details of which are reported here for the first time. JAC and Guoxuan declined to comment. The deals would make VW the latest foreign carmaker to increase ownership in China since the government started to relax ownership rules in 2018 with Germany’s BMW quick to take control of its main local venture.

After completing the deal, VW plans to invest fresh capital in its 50:50 venture with JAC and build capacity with its modular MEB platform, an architecture enabling efficient production of various EV models, said one of the people.JAC shares surged by their maximum 10% on the news on Wednesday, to trade at their highest level since mid-April last year. Shanghai-listed JAC said last week that its parent plans to bring in a strategic investor, which will not cause change in its control.

 

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