January 20, 2020 / 12:59 AM / a month ago

Guoxuan says in talks with Volkswagen, hasn't reached binding agreement

FILE PHOTO: A Volkswagen logo is seen at a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) - Guoxuan High-Tech Co Ltd (002074.SZ) is in talks with Volkswagen AG (VOWG_p.DE) for potential strategic cooperation in technology, product, and capital, the Chinese battery maker wrote in a company filing on Monday.

Guoxuan added it has not reached a legally binding agreement with the German automaker regarding the terms and conditions of its cooperation.

On Friday, Reuters reported that Volkswagen was preparing to purchase a 20% stake in Guoxuan.

Reporting by Josh Horwitz

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