VW to increase its share in the Chinese Faw

Friday, June 5, 2015 – 15:00
The Beijing government, which controls the Chinese Group, has given a green light to Volkswagen to increase its stake in First Auto Works. The German company currently manages 40% and aims to rise up to 50% thanks to an investment of about 5 billion Euro.

VW and FAW had set up internal working groups to evaluate the move. The VW Group is very strong in China (thanks also to another joint venture with SAIC) and in 2014 has sold 3.7 million units.

China approves VW’s stake increase in joint venture with FAW

The Volkswagen group sold a total of 3.7 million autos in China last year, up 12.4 percent from the previous year, through its joint ventures Shanghai Volkswagen and FAW-Volkswagen. The German company has 29 vehicle and component manufacturing facilities in the country and wants to increase its stake in the joint venture from 40 percent – most likely to the maximum limit allowed by the Chinese state (50 percent). Analysts at Evercore ISI believe the crucial joint venture has a total value of around 50 billion euros ($57 billion), meaning the stake jump would most likely cost VW around five billion euros.

盖世汽车讯 综合外电报道,大众汽车日前表示,增持一汽-大众股权已经获得中国政府批准。分析机构估算称,大众可能斥资50亿欧元(人民币347亿元)换取10%一汽-大众股权;但也有消息称中方将以9%股权换取多款SUV生产权。

当前,一汽-大众的股比结构为一汽60%、大众30%、奥迪10%,中方占据明显优势。大众最近几年来一直明确表示有意增持一汽-大众股权,希望将其股权结构变更为大众-奥迪总计持股50%,类似上海大众由双方等比持股。

  Evercore ISI公司分析师表示:“我们认为该合资公司总价值大约为500亿欧元(约合570亿美元),因此从40%增持到50%将耗费大众50亿欧元。”这意味着股权比例变更后,中方将有接近350亿元人民币入账。