Reuters ahead in reporting Volkswagen to buy 20% of Guoxuan amid electric push; market reacts - Reuters News Agency

Reuters ahead in reporting Volkswagen to buy 20% of Guoxuan amid electric push; market reacts

Shares in Chinese electric vehicle battery maker Guoxuan High-tech Co Ltd hit a 10-month high after Reuters was ahead in reporting that Volkswagen is set to take a 20% stake in the company, accelerating its electric push into the world’s largest auto market. The deal would mark Volkswagen’s first direct ownership in a Chinese battery maker and comes as the German automaker strives to meet a goal of selling 1.5 million new energy vehicles (NEVs) a year in China by 2025.

Article Tags
Type: Reuters Best
Sectors: Equities
Regions: Asia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
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