Wednesday, 27 July 2011

VW hikes stake in FAW JV to 49%, report says




Volkswagen AG reached agreement with partner FAW Group to increase its holding in their car venture to 49 percent from 40 percent, the Chinese Business News said on Monday.

FAW's holding in the venture has now been cut down to 51 percent from 60 percent, the newspaper said without citing any specific source. Volkswagen's spokesman in China could not be reached immediately for comment.
Foreign automakers are required to team up with a local partner in China, holding no more than a 50 percent stake. FAW Volkswagen makes Volkswagen cars, as well as Audi models.

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