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Volkswagen pumps 2 billion euros to boost its presence in Chinese electric vehicle market

Shortpedia

Content Team

Volkswagen AG plans to boost its electric push in China, the world's biggest auto market, by pumping 2.1 billion euros in two Chinese electric vehicle players. The deals come as global rivals such as General Motors, Toyota and Tesla Inc seek to expand electric sales in the Chinese car market. The carmaker will invest 1 billion euros to take a 50% stake in the state-owned parent of Anhui Jianghuai Automobile Group.