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.