German automaker Volkswagen is considering the possibility of buying a large stake in the Chinese JAC Motor, which is its partner in the joint production of electric vehicles in China. For this purpose, Goldman Sachs investment bank was involved as an adviser. This was reported to Reuters by informed sources. The possibility of such a deal attracts Volkswagen, which seeks to develop the production of electric vehicles and increase their demand in China. To achieve this, Volkswagen plans to transfer most of the production of electric vehicles planned in this country to the JAC sites. As previously reported, the Chinese authorities in 2018 lifted restrictions on foreign companies getting full control over a joint venture or automaker that manufactures electric or hybrid cars in China. The market value of JAC is currently estimated at $1,900 million.
The dollar firmed on Thursday as a decline in Chinese retail sales worried investors, while the rest of the market anticipates the EU summit this weekend. The euro was down 0.1% to $1.1401, while the dollar stood at 106.95 on the yen. The ...
Alibaba Group Holding Ltd's (BABA) co-founder Jack Ma sold $8.2 billion worth of shares, reducing his stake in the company over the past year from 6.2% to 4.8%. The Chinese e-commerce company released its annual report on Friday. The divestment ...
Asian shares hit four-month highs on Monday as investors relied on liquidity and market stimulus to support global economic recovery despite the surge of new cases in the United States. MSCI’s broadest index of Asia-Pacific shares outside ...
Chinese factories sustained their upbeat performance for another month in May. This followed as the country shook off the economic disruptions brought by the novel coronavirus crisis. However, figures indicated that recuperation would not ...
For the first time since January, the services industry of China recorded its growth in May, signaling the start of economic recuperation from stagnation due to lockdown measures implemented amidst the outbreak of the coronavirus. However, ...