Shanghai (Gasgoo)- According to Volkswagen Group China, it signed a Memorandum of Understanding on November 27 with Volkswagen Aktiengesellschaft, and Anhui Jianghuai Automobile Co., Ltd. (JAC). Three companies will explore the possibility of setting up a joint venture to conduct research and development on multi-functional vehicles (including but not limited to pickup, MPV, electric commercial vehicles).
The announcement also made clear that Volkswagen Commercial Vehicles (VWCV) brand will be on behalf of Volkswagen Aktiengesellschaft to be the main partner of JAC. They plan to cooperate in MFV design, technology, product quality through R&D as well as sales. The joint venture models are expected to cover internal combustion engine models as well as new energy vehicle models. As to the stake, JAC will own 50 percent in the joint venture while Volkswagen Group will hold the other 50 percent. The joint venture will be located in Hefei, Anhui province.
Actually, JAC is a leading automaker in commercial vehicle market. Prof. Dr. Jochem Heizmann, President and CEO of Volkswagen Group China, said that the two companies have complementary strengths in the multi-functional vehicle segment.
As the competition in global auto market becomes more and more intense, VW has made great efforts to seize more market shares. To further cooperation with JAC is the latest news about its foreign expansion. In June, the German company and JAC announced to establish a joint venture to develop and build new energy passenger vehicles.
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