(Yicai Global) May 24 -- Volkswagen Group China is linking up with China's JAC Motors, FAW Car and Wanbang Dehe New Energy Technology to produce electric vehicle charging piles in eastern Jiangsu province.
The partners set up a CNY812 million (USD117.4 million) joint venture, official company registration information shows. Except for JAC, each partner will have a 30 percent stake in Kaimaisi New Energy Technology, the new company. Its legal representative is Soh Weiming, Volkswagen's executive vice president.
Wanbang Dehe already produces charging piles in Changzhou, the same city where the JV is based.
Editor: Emmi Laine