Jianghuai Auto Nears Deal on Cooperation After Volkswagen TalksBloomberg News
Chairman has been pursuing tie-ups with foreign carmakers
Volkswagen’s China sales surpassed GM in the first half
Anhui Jianghuai Automobile Co. said it’s planning to cooperate with a company it didn’t identify, six months after Chairman An Jin said the Chinese automaker was in talks with Volkswagen AG.
The memorandum Jianghuai plans to sign will have major impact, the company said in a statement to the Shanghai stock exchange on Tuesday after trading hours. Jianghuai’s shares will halt trading Wednesday.
Jianghuai was actively pursuing joint-venture tie-ups with foreign carmakers, An said in an interview in March. The chairman of one of China’s few major automakers lacking a foreign joint-venture partners said he viewed leading multinational carmakers as role models Jianghuai could learn from.
Volkswagen has joint ventures in China with SAIC Motor Corp. and China FAW Group. The German automaker boosted deliveries in the world’s largest auto market by 6.8 percent to 1.86 million during the first half of the year, surpassing General Motors Co.’s 1.81 million. GM outsold Volkswagen last year for the first time since 2012.
Christoph Ludewig, a spokesman for Volkswagen, said last week the automaker was still in talks with Jianghuai.
— With assistance by Tian Ying