Audi acquires 1% stake in SAIC Volkswagen

Date: 28 Jun 2018

China's SAIC Motor announced on 26 June that German luxury carmaker Audi has acquired a 1-percent stake in SAIC Volkswagen which was previously held by Volkswagen AG.

SAIC Volkswagen is a joint venture established between Shanghai-based SAIC Motor and German automaker Volkswagen AG in 1984.

After Audi's acquisition, the status quo of SAIC Volkswagen's equity is: SAIC Motor holds a 50-percent stake, Volkswagen AG 38 percent, Volkswagen China 10 percent, Audi and Skoda 1 percent each.

According to SAIC Motor, the equity structure change, which happened in June, means that Audi models can now be manufactured in the joint venture.

In November 2016, SAIC Motor signed a memorandum of understanding with Volkswagen AG in Germany, discussing the possibilities of allowing SAIC Volkswagen to manufacture and sell Audi cars, as well new energy vehicles.

Source: China Daily

Disclaimer
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of content received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer for more details.
Top