Volkswagen AG plans to take a 50% share in Anhui Jianghuai Automobile Group Holdings Ltd., the Chinese automaker known as JAC Motors, with which VW has an electric-vehicle joint venture. The investment is estimated to cost VW $491 million, though complete financial terms have not been disclosed. China's Anhui province is the seller, and will hold 50% of the joint-venture to be established to operate JAC Motors.
JAC Motors currently produces a range of passenger cars, light trucks, and commercial vehicles,
Further, Volkswagen is also expected to raise to 75% its share in the electric-vehicle joint-venture that the two already operate, according to JAC Motors. The two partners reportedly will invest a further €1 billion ($1.11 billion) to increase their EV output to 350,000-400,000 units by 2029, according to Jianghuai Automobile. It added that VW may introduce new models to the Chinese market through the new venture.
In addition to its EV venture with JAC Motors, Volkswagen has ventures in China with SAIC Motor Corp. and China FAW Group Co.
