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Volkswagen Makes €2 Billion Euro China EV Investment

BEIJING/HONG KONG (Reuters) – Volkswagen AG (VOWG_p.DE) plans to boost its electric push in China, the world’s biggest auto market, by pumping 2.1 billion euros in two Chinese electric vehicle players.

 

The deals come as global rivals such as General Motors, Toyota and Tesla Inc seek to expand electric sales in the Chinese car market.

 

Volkswagen said it will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group (JAC Motors), also taking full management control of the its existing electric vehicle joint venture with JAC by raising its stake to 75% from 50%.

 

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