Beijing: Volkswagen AG has reached agreement with partner FAW Group to increase its holding in their car venture to 49% from 40%, the Chinese Business News said on Monday.
FAW’s holding in the venture has now been cut down to 51% from 60%, the newspaper said without citing any specific source.
Volkswagen’s spokesman in China could not be reached immediately for comment.
Foreign automakers are required to team up with a local partner in China, holding no more than a 50% stake.
FAW Volkswagen makes Volkswagen cars as well as Audi models.