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VW China, JAC Motors fulfills capital increase to Volkswagen Anhui

Monika From Gasgoo| May 13 , 2024 20:42 BJT

Shanghai (Gasgoo)- Volkswagen (Anhui) Automotive Company Limited (Volkswagen Anhui) recently underwent a significant change in its business registration, with its registered capital surging from approximately 7.356 billion yuan to about 13.856 billion yuan, according to the information updated on May 15 by Tianyancha, a  Chinese corporate information provider.

This substantial increase in capital, completed just two months after the initial announcement on March 13, underscores the swift and efficient process involving both Anhui Jianghuai Automobile Group Co., Ltd. ("JAC Motors" or "JAC") and Volkswagen China.

VW China, JAC Motors fulfills capital increase to Volkswagen Anhui

Photo credit: Volkswagen Anhui

On March 13 of this year, JAC Motors declared its intention to jointly invest an additional 6.5 billion yuan into Volkswagen Anhui alongside Volkswagen China. JAC Motors contributed 1.625 billion yuan in cash, while Volkswagen China injected 4.875 billion yuan in cash.

This capital infusion would boost Volkswagen Anhui's registered capital significantly, from 7.356 billion yuan to 13.856 billion yuan, while maintaining the shareholding proportions between JAC Motors and Volkswagen China at 25% and 75% respectively. This adjustment marks the second capital increase for Volkswagen Anhui since its founding in 2017. The first capital increase occurred in 2020 when the registered capital was elevated from 2 billion yuan to 7.356 billion yuan.

Despite being operational for four years, Volkswagen Anhui has yet to commence mass production or sales. Its first model, the Volkswagen ID.UNYX, was recently unveiled at the Auto China 2024 in Beijing, featuring a distinctive new golden logo.

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