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Report: Volkswagen explores making EV investments in China

Volkswagen AG is looking into potential investments in automotive suppliers in China, Bloomberg News reported Aug. 23, citing people familiar with the matter.

Sources reportedly said the company is considering buying equity stakes or forming joint ventures with Chinese suppliers that specialize in electric-vehicle technology, such as battery-maker Guoxuan High-tech Co.Ltd.

The deliberations come at a time when the German manufacturer is trying to secure key automotive technology in China, the world's largest car market, the report added.

Sources reportedly also said no final decisions have been made and that there is no certainty that Volkswagen's exploration will result in a deal.

Volkswagen is "in talks with different local suppliers for possible cooperation in the future," the automaker reportedly said in an email to Bloomberg. "The evaluation of our battery supply capacities in China is ongoing and necessary for a high volume of e-mobility production."

A representative for Guoxuan reportedly declined to comment on the matter.