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JAC and Volkswagen Sign Joint Venture Agreement to Produce NEVs

Pub Date:17-06-02 11:24 Source:www.cnanhui.org

On June 1st, Anhui Jianghuai Automobile Co., Ltd.(JAC) and Volkswagen AG formally signed a joint venture agreement in Berlin, Germany, in the presence of German Chancellor Angela Merkel and Chinese Premier Li Keqiang.

With a total investment of 6 billion yuan, the new JAC-Volkswagen joint venture will be set up in Hefei State High-tech Industry Development Zone. The total registered capital amounted to 2 billion yuan. Two sides paid 1 billion yuan in cash respectively.

Under Chinese legal framework, the new joint venture will utilize the technical and commercial advantages of the two parties in an all-round cooperation that will cover new energy vehicles(NEVs) for the mass market, according to JAC’s announcement. (by Jiang Xueting)


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