Volkswagen to pick up stakes in two Chinese EV companies for $2.3b

Volkswagen to pick up stakes in two Chinese EV companies for $2.3b

FILE PHOTO: A Volkswagen badge on a production line at the Volkswagen plant in Wolfsburg, Germany, March 1, 2019. REUTERS/Fabian Bimmer/File Photo

Volkswagen AG (VW) said on Friday it has agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players, upping its bet on the world’s biggest auto market as international rivals seek to muscle in.

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