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Volkswagen Plans To Invest €1B In China JV: Report

Volkswagen AG (OTC: VWAGY) is planning to invest in a joint venture in China to boost software production.
byShivani Kumaresan
October 6, 2022
1 minute read
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  • Volkswagen AG (OTC:VWAGY) is planning to invest in a joint venture in China to boost software production.
  • The planned investment by the automaker could be above €1 billion (~$990 million), Reuters reported.
  • The report noted that the company, which makes 40% of its sales and 50% profits in China, has a research and development center in the country.
  • Also Read: Volkswagen Ramps Up Battery Materials Production Via New JV
  • Volkswagen holds several joint ventures in China.
  • Price Action: VWAGY shares closed lower by 1.40% at $16.90 on Wednesday.
  • Photo Via Company
 
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