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 worldâ€™s largest auto market. The deal would mark Volkswagenâ€™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.
Reuters ahead in reporting Volkswagen to buy 20% of Guoxuan amid electric push; market reacts
17 January 2020, 12:00 am. 1 minute