HONG KONG/FRANKFURT - Volkswagen AG is exploring purchasing a big stake in its Chinese electric vehicle joint venture partner JAC Motors and has tapped Goldman Sachs as an adviser on the plan, people with direct knowledge of the matter said.
Rival German automaker BMW agreed in October to buy control of its main joint venture in the country for 3.6 billion euros . Daimler AG also plans to increase its stake in local partner BAIC Motor. The German car giant’s plans are at an early stage but it is keen to take a big stake, said three of the people. Two of them said it will seek to buy shares from JAC’s major shareholders, which are mainly state-backed firms owning over 40 percent, showed Refinitiv data.
JAC and its parent didn’t respond to requests for comment. Goldman declined to comment. The people declined to be identified as the matter was confidential. It formed its 50:50 JV with JAC in 2017 to research and develop zero-emission passenger cars as the German automaker has committed almost one-third of the industry’s EV spending, about $91 billion, betting big on the Chinese market.
FILE PHOTO: Employees work on a production line manufacturing light trucks at a JAC Motors plant in Weifang, Shandong province, China November 30, 2018. REUTERS/Stringer/File Photo
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