Motors Tracker

Chinese carmaker Jianghuai Automobile climbed said that Volkswagen will pay even more than expected to become the second foreign auto firm to take control of its China joint venture. Volkswagen China Investment will pay CNY5.2 billion (USD746.1 million) for JAC Volkswagen Automotive's newly issued shares to have 75 percent of the JV's equity, the Anhui province-based firm said in a statement yesterday. That is about CNY700 million (USD100.4 million) more than what the Chinese firm had suggested on June 11. JAC will put in CNY1.3 billion to have the remainder. In June, it had offered CNY839 million to boost the JV's registered capital to about CNY7.4 billion from CNY2 billion. The pair expects to reach a binding agreement by the end of this month. Established in December 2017, JAC Volkswagen became the Wolfsburg-based automaker's third Chinese JV. The two partners poured CNY1 billion into it, with a 50:50 shareholding ratio. Volkswagen has been looking to advance its all...

Volkswagen has boosted its China market share despite its declining shipments in the first half of the year. The German automaker delivered 17 percent fewer vehicles to China at 1.6 million in the first half of the year from a year ago due to the Covid-19 pandemic, according to Volkswagen Group China. However, the firm's market share in the Asian country has risen to 20 percent from 18.8 percent due to strong recovery since April, it added.

The joint venture between SAIC Motor and German auto giant Volkswagen Group will soon start to produce Audi-branded cars. “Volkswagen and its Chinese joint venture partner SAIC Motor plan to invest CNY4.13 billion (USD590 million) to revamp their car plants in Shanghai to make new Audi sedans,” according to a Reuters report published today that cited a government document. The SAIC-Audi project is proceeding as planned, online news outlet The Paper reported, citing Audi China, the wholly owned unit of German luxury carmaker Audi, and SAIC Volkswagen, the joint venture between Audi’s parent firm Volkswagen and SAIC. The matter is sensitive. Volkswagen’s China-made Audi vehicles are mainly produced by another JV, Changchun, Jilin province-based FAW Volkswagen, which is not in favor of the deal. When the SAIC-Audi project was first broached in November 2016, it was met by a storm of criticism and had to be shelved. SAIC Volkswagen so far only produces the Volkwagen and Skoda marques. It w...