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CN - Volkswagen raises its China JV stake to 49pct

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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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