May 29, 2020 / 7:43 AM / 2 months ago

Volkswagen says it will have full control of JAC-VW Chinese venture

FILE PHOTO: The logo of German car maker Volkswagen is seen on a car outside a garage in Vienna, Austria, Sept. 29, 2016. REUTERS/Leonhard Foeger

BEIJING/SHANGHAI (Reuters) - German automaker Volkswagen (VOWG_p.DE) will have full management control of its JAC-VW joint venture, the company’s China CEO said on Friday.

Stephan Wollenstein told a media briefing that production of electric vehicles based on the MEB platform will start at the JAC-VW venture in 2023.

Volkswagen on Friday said it had agreed to invest 2.1 billion euros ($2.3 billion) in two separate Chinese electric vehicle businesses, strengthyening its position in the world’s biggest auto market as international rivals seek to muscle in.

Reporting by Yilei Sun and Brenda Goh; Editing by David Goodman

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