Volkswagen has been given the go-ahead by Beijing to raise its stake in a joint venture with Chinese state-owned automaker FAW Group.
“The Chinese government has approved in principle a possible increase in the stake,” Reuters quoted a Volkswagen spokeswoman as saying Thursday.
VW and FAW had set up internal working groups to evaluate the move and had jointly hired external consultants to value the stake in FAW-Volkswagen, she said.
The German automaker currently holds 40 percent stake in its joint venture with FAW.
Together with its joint ventures, Volkswagen delivered a total of 3.7 million vehicles in China in 2014, representing an increase of 12.4 percent over the previous year.
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