on Friday, Volkswagen said it will invest about € 2 billion in two Chinese companies producing electric cars.
German car giant said it will acquire 50 percent stake in JAG - the parent company of JAC Motors, owned by the Chinese government, and will increase its share in the joint venture JAC Volkswagen from 50% to 75%.
Volkswagen is also planning to acquire 26% stake in the Chinese supplier of batteries Gotion High-Tech for 1.1 billion euros.
China, which accounts for 40 percent of Volkswagen sales in recent years has become the largest car market in the world, and Beijing has repeatedly promised to support the industry of electric vehicles.
Investing in JAG - this is the first case of direct investment the German automaker in the state-owned company, said in his statement CEO of Volkswagen China Stefan Holenstein.
Volkswagen announced a record investment immediately after the French automaker Renault announced a reduction of 15,000 jobs worldwide, and the day after the Japanese automaker Nissan reported a huge net loss of $ 6.2 billion dollars a year.
Previously coalsalesthat Nissan intends to close its plant in Barcelona and to cut car production in Europe to a minimum.