Monday, 25 July 2011 at 10:13, Reuters, Beijing
Volkswagen, like other automakers, are tapping China's growing car industry. (REUTERS)
Volkswagen AG has reached agreement with partner FAW Group to increase its holding in their car venture to 49 per cent from 40 per cent, a Chinese newspaper reported on Monday.
FAW's holding in the venture has now been cut down to 51 per cent from 60 per cent, 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 per cent stake.
FAW Volkswagen makes Volkswagen cars as well as Audi models.
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