Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Volkswagen plans over 1 billion euro investment in software JV in China - sources

Stock Markets Oct 06, 2022 09:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer
 
VOWG
+0.53%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VOWG_p
+1.92%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CHNA
+2.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VWAGY
+0.75%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

BERLIN (Reuters) - Volkswagen (ETR:VOWG_p) is planning a significant investment in a joint venture in China for software production, sources with knowledge of the matter said on Thursday.

An official announcement is expected next week, one person close to negotiations said. Two sources said the investment would be above 1 billion euros ($990.60 million).

Volkswagen declined to comment.

The carmaker was waiting for the results of the elections taking place on Sunday in the state of Lower Saxony, Volkswagen's second-largest shareholder with two seats on its supervisory board, before making the announcement official, the sources said.

Volkswagen, which makes about 40% of sales and half of its profits in China, already carries out research and development for vehicle technology in the country, seen as a more advanced market on digital innovation than Europe or the United States.

Volkswagen operates numerous joint ventures in China, holding a 75% stake in its venture with JAC, a 50% stake with SAIC and 40% with FAW.

In Germany, the carmaker's software subsidiary Cariad has a partnership with autos supplier Bosch to develop software for automated driving.

($1 = 1.0095 euros)

Volkswagen plans over 1 billion euro investment in software JV in China - sources
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Karsten Böhm
Karsten Böhm Oct 06, 2022 9:45
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the next big German mistake after Russia just more worse
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email