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Volkswagen considers raising stake in China joint venture: paper
September 15, 2013 / 11:06 AM / 4 years ago

Volkswagen considers raising stake in China joint venture: paper

Volkswagen CEO Martin Winterkorn waits for German Chancellor Angela Merkel during the official opening of the Frankfurt Motor Show (IAA) in Frankfurt September 12, 2013. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) is considering increasing its stake in its car joint venture with China’s state-owned FAW Group, VW Chief Executive Martin Winterkorn was quoted on Sunday as saying.

“Volkswagen and FAW want to extend their partnership. We are examining right now various possibilities on how we can expand our cooperation,” Winterkorn said in an interview with Frankfurter Allgemeine Sonntagszeitung.

“One possibility would be to increase our stake in the joint venture with FAW from 40 percent to 50 percent. We are in talks about it,” he said.

The joint venture, which expires in 2016, makes Volkswagen and Audi cars.

Volkswagen also operates a car venture with China’s SAIC Motor Corp.(600104.SS)

Reporting by Marilyn Gerlach; Editing by Ruth Pitchford

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