Volkswagen agrees to buy 50% of EV partner JAC’s parent company

BEIJING (Reuters) – Anhui Jianghuai Automobile Group (JAC Motors) <600418.SS> said on Friday that German automaker Volkswagen AG agreed to buy 50% of its parent company Anhui Jianghuai Automobile Group Holding.

Reuters reported on Wednesday that Volkswagen is in final talks to invest in the Hefei-based state-owned automaker.

(Reporting by Yilei Sun and Brenda Goh)