Anhui-based carmaker inks strategic deal with VW

Anhui Jianghuai Automobile Group Holding, an automaker based in East China’s Anhui province, signed a strategic agreement with Volkswagen AG in Beijing on Friday.

The move is part of the province's effort to implement mixed-ownership reform, participate in the Belt and Road Initiative and promote the high-quality development of the manufacturing sector.

Volkswagen said it is to acquire a 50 percent stake of its partner JAC Motor's parent Anhui Jianghuai Automobile Group Holding, which will make the German carmaker a majority stakeholder in its joint venture JAC-Volkswagen, chinadaily.com.cn reported on Friday.

The deal, which is worth around 1 billion euros, will be finished before the end of this year, according to the report.