Volkswagen's Seat to Enter Chinese Market With Stake in JAC JV

Date : 07/09/2018 @ 5:13PM
Source : Dow Jones News
Stock : Volkswagen (PC) (VLKAY)
Quote : 32.01  0.0 (0.00%) @ 1:00AM

Volkswagen's Seat to Enter Chinese Market With Stake in JAC JV

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.

 

Write to Max Bernhard at max.bernhard@dowjones.com

 

(END) Dow Jones Newswires

July 09, 2018 11:58 ET (15:58 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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