Volkswagen (China) Investment Co., Ltd. is to acquire a 50 percent stake in the parent of JAC Motors and increase its holding of its JV JAC Volkswagen to 75 percent, according to an agreement signed on Friday. The deal will be carried out before the end of 2020, pending regulatory approval.

After the deals, Volkswagen is to license its major car brands and new energy vehicles to JAC Volkswagen, and increase the JV's annual production to 350,000 to 450,000 cars in 2029. Shares of JAC Motors (SH.600418) up by 9.19 percent by press time.

Editor: Li Menglin