Mexican Media Brands
VW Cleared to Raise Stake in China Venture with FAW
Volkswagen AG says Chinese regulators have given it permission to increase its stake in the group's carmaking venture with FAW Group Corp.
#regulations
Share
Volkswagen AG says Chinese regulators have given it permission to increase its stake in the group's carmaking venture with FAW Group Corp.
VW currently owns 40% of FAW-Volkswagen Automobile Co. Analysts estimate that raising its holdings to 50% would cost VW €4.5 billion-€5 billion. Hans Dieter Poetsch says VW has no plan to merge with FAW.
VW tells Reuters the partners have created internal working groups to evaluate the investment. They also have hired consultants to help value the added stake in FAW-VW.
The venture makes Audi and Volkswagen brand vehicles at locations in Changchun, Chengdu and Foshan. The venture also plans to open two more assembly plants in Qingdao and Tianjin at a combined cost of €2 billion.
RELATED CONTENT
-
Study: How States Should Update Traffic Laws for Autonomous Cars
U.S. states should require that all automated cars have a licensed driver on board, suggests a study by the Governors Highway Safety Assn.
-
U.S. in No Hurry to Regulate Autonomous Vehicles
The National Highway Traffic Safety Administration says the emerging technology involved in self-driving cars is too new to be tightly regulated.
-
Rage Against the Machine
There have been more than 20 reported attacks against Waymo’s self-driving fleet in Chandler, Ariz., since the company began testing the technology on public roads there two years ago.