Volkswagen invests 2 billion euros in China's electric vehicle sector

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Volkswagen AG struck deals with two Chinese companies in the electric vehicle sector, broadening its strategic footprint as the coronavirus sparks the worst economic contraction in decades.

Volkswagen said it will invest 1 billion euros to take a 50 per cent 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 per cent from 50 per cent.

The local government of Anhui province will hold the other half of Jianghuai after . . .

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