Volkswagen plans over 1 billion euro investment in software JV in China - sources
Reuters
2 minutes
An official announcement is expected next week, one person close to negotiations said. Two sources said the investment would be above 1 billion euros ($990.60 million).
Volkswagen declined to comment.
The carmaker was waiting for the results of the elections taking place on Sunday in the state of Lower Saxony, Volkswagen's second-largest shareholder with two seats on its supervisory board, before making the announcement official, the sources said.
Volkswagen, which makes about 40% of sales and half of its profits in China, already carries out research and development for vehicle technology in the country, seen as a more advanced market on digital innovation than Europe or the United States.
Volkswagen operates numerous joint ventures in China, holding a 75% stake in its venture with JAC, a 50% stake with SAIC and 40% with FAW.
In Germany, the carmaker's software subsidiary Cariad has a partnership with autos supplier Bosch to develop software for automated driving.
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china should help russia to prolong the war for a long time. german companies are running away from europe to china.
china doesn't have jv rules anymore in auto. yet, vw, toyota, ford, etc still continue to do it. i wonder why? we've been told china forced jv is bad
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