, Exclusive: Volkswagen to buy 20% of Chinese battery maker Guoxuan amid electric push – sources – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing
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Exclusive: Volkswagen to buy 20% of Chinese battery maker Guoxuan amid electric push – sources – Source Reuters Tech News

HONG KONG/BEIJING (Reuters) – Volkswagen AG (VOWG_p.DE) is set to take a 20% stake in Chinese electric vehicle battery maker Guoxuan High-tech Co Ltd, two sources told Reuters, as the German firm accelerates its electric push into the world’s largest auto market.

, Exclusive: Volkswagen to buy 20% of Chinese battery maker Guoxuan amid electric push – sources – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing

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

The deal would mark Volkswagen’s first direct ownership in a Chinese battery maker and comes as the Wolfsburg-based automaker strives to meet a goal of selling 1.5 million new energy vehicles (NEVs) a year in China by 2025, including plug-in hybrid cars.

The top foreign automaker in China plans to acquire the stake in Shenzhen-listed Guoxuan via a discounted private share placement in the coming weeks, the two sources with knowledge of the matter said. Based on Guoxuan’s market capitalization of $2.8 billion, a 20% stake…

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