On Wednesday, shares of Chinese automaker JAC Motors rose by 10%, the daily upper limit on the Shanghai Stock Exchange, following a Reuters report that said German automaker Volkswagen is exploring the purchase of a big stake in the company, citing unnamed people with direct knowledge with the matter.
“Regarding a joint venture for new energy passenger cars, the two companies have been exploring how to deepen our cooperation. So far, no formal plan has been formed,” JAC said in a filing with Shanghai Stock Exchange this morning before the market opened.
The company formed a joint venture with Volkswagen in December 2017 to co-produce electric vehicles in China.
JAC Motors, which sells EVs under its own brand, produced 12,775 electric SUVs in 2018 for fellow Chinese automobile maker NIO, which is listed on the New York Stock Exchange.
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