Volkswagen's Seat to Enter Chinese Market With Stake in JAC JV
10 July 2018 - 02:13AM
Dow Jones News
By Max Bernhard
Volkswagen AG's (VOW.XE) Seat brand targets entering the Chinese
market between 2020 and 2021 and could become a shareholder of its
Chinese joint venture JAC Volkswagen, the German car group said
Monday.
Volkswagen said it, together with Seat, signed a memorandum of
understanding with its Chinese partner Anhui Jianghuai Automobile
Group Corp. Ltd. (600418.SH), or JAC.
Under the agreement Seat will become a shareholder in the
existing joint venture between VW and JAC, "through either a
capital increase of JAC Volkswagen or a share transfer from
Volkswagen Group China," Volkswagen said.
The three partners also agreed to establish a joint
research-and-development center for the development of electric
vehicles and autonomous-driving technologies tailored to the
Chinese market, among other things.
Write to Max Bernhard at max.bernhard@dowjones.com
(END) Dow Jones Newswires
July 09, 2018 11:58 ET (15:58 GMT)
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