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The
National Development and Reform Commission (NDRC), China's top
state planner, gave a green light to JAC and VW to build 100,000
pure battery electric vehicles annually in a project worth 5.1
billion yuan ($740 million), according to a JAC Motor stock
exchange filing.
A VW spokesman confirmed the approval but said certain
administrative procedures still needed to be completed for a
joint venture contract to be signed with JAC Motor.
Volkswagen, China's largest foreign automaker, has pledged to
rapidly develop a range of electric vehicles as the Chinese
government aggressively promotes the segment as a way to cut
intense smog in much of the country.
VW already has joint ventures with China FAW Group Corp [SASACJ.UL]
and SAIC Motor Corp Ltd in the country.
The has company previously said it aims to sell 400,000 "new
energy vehicles," a category which includes pure electric and
plug-in petrol-electric hybrids, in China by 2020 to meet strict
Chinese fuel economy and emissions regulations, with electric
vehicles made with JAC Motor coming in addition to that figure.
(Reporting by Jake Spring and Min Zhang; Editing by Muralikumar
Anantharaman and David Evans)
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