Medical and Hospital News  
CAR TECH
Volkswagen invests 2 bn euros in Chinese electric vehicle sector
by Staff Writers
Beijing (AFP) May 29, 2020

Volkswagen said on Friday it will invest around 2 billion euros ($2.2 billion) in two Chinese companies in the electric vehicle sector, calling it "the world's biggest market".

The German car giant said it will take a 50 percent stake in JAG -- the parent company of state-owned JAC Motors -- and increase its holding in the JAC Volkswagen joint venture from 50 percent to 75 percent for around 1 billion euros.

The group said in a statement that "by gaining management control, Volkswagen is paving the way for more electric models and infrastructure".

It will also buy a 26 percent share of Chinese battery supplier Gotion High-Tech for 1.1 billion euros.

China, which accounts for 40 percent of Volkswagen's sales, has become the world's largest auto market in recent years, with Beijing repeatedly pledging to support the electric vehicle industry.

China's industry ministry said in December the country should seek to ensure one in four of all vehicles sold in 2025 were either hybrids or fully-electric vehicles.

And Beijing decided in late March to extend the tax exemption for the purchase of electric vehicles by two years.

Car sales in China began to slide in 2018 and plunged further when the coronavirus pandemic paralysed the economy, but they have rebounded as the country appears to have brought the virus under control.

The JAG investment is the first time the German carmaker will take "a strategic role in a state-owned company", Volkswagen China CEO Stephan Woellenstein said in a statement.

- Car trouble -

The lifting of coronavirus lockdowns in China has given the stuttering auto industry a jumpstart, with sales rising for the first time in two years as buyers return as the health crisis eases and restrictions on travel and businesses are lifted.

Sales rose 4.4 percent year-on-year in April, according to figures from the China Association of Automobile Manufacturers, driven by strong demand for commercial vehicles, which soared more than 30 percent.

However, the global car industry faces an existential crisis from the coronavirus pandemic, which has caused sales to plunge as governments forced citizens to stay at home to slow the spread of the virus.

The Volkswagen announcement came as French automaker announced 15,000 job losses worldwide, and a day after Japanese automaker Nissan reported a huge $6.2 billion annual net loss.

Nissan, already battling weak demand as well as the fallout from the arrest of former boss Carlos Ghosn, said the global outbreak had hit all aspects of its business.

Nissan said it will shut its Barcelona plant and slash production.

tjx-rox/je

VOLKSWAGEN

NISSAN MOTOR


Related Links
Car Technology at SpaceMart.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


CAR TECH
Top German court to rule on VW 'Dieselgate' compensation
Frankfurt Am Main (AFP) May 25, 2020
Almost five years after Volkswagen's admission to cheating on emissions tests involving millions of diesel engined cars, a top German court will on Monday finally rule in a battle over compensation for tens of thousands of affected owners. In a preliminary finding in May, judges at the Federal Court of Justice (BGH) said there was a chance of at least partial compensation for some VW buyers, saying they had indeed been harmed by purchasing a manipulated vehicle. If the ruling is confirmed at 090 ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

CAR TECH
Observations of robotic swarm behavior can help workers safely navigate disaster sites

China's mask boom takes fabric away for nappy makers

Malta must free 'captive' migrants now: Human Rights Watch

A world redrawn: Israeli director calls for ecological rethink

CAR TECH
Galileo in high latitudes and harsh environments

New BeiDou satellite starts operation in network

Velodyne Lidar announces multi-year sales agreement with GeoSLAM

Galileo positioning aiding Covid-19 reaction

CAR TECH
Artificial intelligence can predict a person's personality using only a selfie

Scientists discover oldest link between Native Americans, ancient Siberians

New study records dual hand use in early human relative

Brazil tribe facing 'genocide': rights group

CAR TECH
Botswana probes mysterious death of 12 elephants

Scientists use ultrasonic mind control on monkeys

Leopards spotted in Pakistan capital's park as virus clears way

Three Russians charged in Sri Lanka for stealing wildlife, plants

CAR TECH
Japan lifts emergency, India domestic flights resume

China virus city in transport shutdown as WHO delays decision

Europe boosts China flight checks as killer virus spreads

Global health emergencies: A rarely used call to action

CAR TECH
China threatens US counter measures if punished for Hong Kong law

Trump sounds warning over Hong Kong's future

Macau casino tycoon Stanley Ho dies aged 98

Hong Kong security law could mean 'joint' probes with mainland

CAR TECH
Trump orders Pentagon to boost drug interdiction efforts

In Colombia, fleet of cartel narco-subs poses challenge for navy

CAR TECH








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.