Volkswagen Plans To Invest €1B In China JV: Report

by Shivani Kumaresan, Benzinga Staff Writer

October 6, 2022 7:41 AM | 1 min read |

Volkswagen AG VWAGY is planning to invest in a joint venture in China to boost software production.
The planned investment by the automaker could be above €1 billion (~$990 million), Reuters reported.
The report noted that the company, which makes 40% of its sales and 50% profits in China, has a research and development center in the country.
Also Read: Volkswagen Ramps Up Battery Materials Production Via New JV
Volkswagen holds several joint ventures in China.
Price Action: VWAGY shares closed lower by 1.40% at $16.90 on Wednesday.
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