Beijing: Volkswagen will invest $ 2.2 billion to expand its presence in China’s electric car market. This is the largest foreign investment after the outbreak of the Corona virus epidemic in China.
Volkswagen AG said on Friday that it would buy the Chinese partnership stake in its electric vehicle venture for one billion euros ($ 1.1 billion). Along with this, Volkswagen will have a controlling stake in the venture.
The German auto company said it would separately invest one billion euros ($ 1.1 billion) to become the largest shareholder in a battery-producing company. China’s ruling Communist Party overhauled the limit for foreign investment in electric vehicle companies in 2018 to boost industries. China accounts for half of all electric cars sold worldwide.
