- Volkswagen ( OTCPK:VWAGY ) ( OTCPK:VWAPY ) is reportedly planning a €1B investment in a joint venture in China for software production, Reuters said on Thursday citing sources with knowledge of the matter.
- One person close to negotiations said an official announcement is expected next week, while two other sources said the investment would be above €1B.
- Volkswagen declined to comment.
- The German automaker makes ~40% of sales and half of its profits in China. It already operates numerous joint ventures in the country, owning a 40% stake in its venture with FAW, a 50% stake with SAIC and a 75% stake with JAC.
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Volkswagen plans €1B+ investment in software JV in China - Reuters