Volkswagen (PC) (USOTC:VLKAY)
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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.
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(END) Dow Jones Newswires
July 09, 2018 11:58 ET (15:58 GMT)
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