E-vehicle JV to be formed

Source: Xinhua | 2017-05-23

GERMANY’S Volkswagen AG and Anhui Jianghuai Automobile Group (JAC Motor) have got approval from Chinese regulators to form a joint venture to make electric vehicles.

The National Development and Reform Commission gave the green light to both firms to build 100,000 pure battery electric vehicles annually in a project worth 5.1 billion yuan (US$740 million), a JAC Motor stock exchange filing said yesterday.

A VW spokesman confirmed the approval but said certain administrative procedures still needed to be completed for a joint venture contract to be signed with JAC Motor.