Volkswagen said to acquire 20% stake in Chinese battery maker Guoxuan

An employee stands on the top of a tower at the Volkswagen AG automobile factory in Wolfsburg, Germany, on Friday, April 22, 2016. Photographer: Krisztian Bocsi/Bloomberg

Volkswagen AG is set to take a 20% stake in Chinese electric vehicle battery maker Guoxuan High-tech Co Ltd, two sources told Reuters, as the German firm accelerates its electric push into the world’s largest auto market.

The deal would mark Volkswagen’s first direct ownership in a Chinese battery maker and comes as the Wolfsburg-based automaker strives to meet a goal of selling 1.5 million new energy vehicles (NEVs) a year in China by 2025, including plug-in hybrid cars.

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