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CN - Volkswagen raises its China JV stake to 49pct

Chinese Business News reported that Volkswagen AG has reached agreement with partner FAW Group to increase its holding in their car venture to 49% from 40%.

The newspaper said without citing any specific source FAW holding in the venture has now been cut down to 51% from 60%.

Volkswagen spokesman in China could not be reached immediately for comment.

Foreign automakers are required to team up with a local partner in China holding no more than a 50% stake.

FAW Volkswagen makes Volkswagen cars as well as Audi models.

Sourced from Chinese Business News

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