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Volkswagen becomes biggest shareholder of China's EV battery maker Guoxuan

Reuters
·1-min read
FILE PHOTO: The logo of German car maker Volkswagen is seen on a car outside a garage in Vienna

BEIJING/HONG KONG (Reuters) - German automaker Volkswagen AG <VOWG_p.DE> has become the biggest shareholder of China's electric vehicle battery maker Guoxuan High-Tech Co Ltd <002074.SZ> with a 26.5% stake, Guoxuan said in stock exchange filings on Thursday.

Reuters reported the Volkswagen is in final talks to invest in the Hefei-based battery company on Wednesday.

Guoxuan said it will restart share trading on May 29. Volkswagen did not immediately respond to a request for comment.

(Reporting by Yilei Sun in Beijing and Julie Zhu in Hong Kong; editing by David Evans)