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Goldman declined to comment. The people declined to be identified as the matter was confidential. JAC shares again rose by their daily 10 percent maximum limit on Thursday, after rising 10 percent the previous day. VW shares ended slightly lower on Wednesday. “The news shows the bargaining power of companies like JAC and BAIC is stronger, and Volkswagen’s and Daimler’s determination to cooperate with Chinese partners in the long-term is also firm,” said Patrick Yuan, a Hong Kong-based analyst at Jefferies rose cufflinks.
Wolfsburg-based VW, which delivered 4.21 million cars in mainland China and Hong Kong last year, has operated in China for decades. Besides JAC, it has joint ventures with state-owned FAW Group and SAIC Motor. It formed its 50:50 JV with JAC in 2017 to research and develop zero-emission passenger cars as the German automaker has committed almost one-third of the industry’s EV spending, about $91 billion. Separately, South Korea’s SK Innovation Co said it is in talks to set up separate battery-making JVs with VW and Chinese partners, Reuters reported on Wednesday rose cufflinks.
JAC, China’s 11th largest local automaker by group sales, makes a range of commercial vehicles including pickup trucks and heavy duty trucks. It also produces vehicles for electric car maker NIO Inc rose cufflinks. JAC warned in January of a 770 million yuan net loss for 2018 mainly due to a drop in car sales, compared to a 432 million yuan profit in 2017. Excluding exceptional items such as government subsidies, losses would reach 1.9 billion yuan, the company said. It will release annual results on April 30..
SHANGHAI (Reuters) – JAC Motors said on Thursday it had not held talks with Volkswagen AG, after Reuters reported that the German auto giant was interested in taking a stake in its Chinese electric vehicle joint venture partner rose cufflinks. “The company and Volkswagen have not conducted formal business discussions on the matters mentioned in the news reports nor does it have any plans for an equity acquisition,” JAC said in a stock exchange statement. Reuters reported on Wednesday that Volkswagen was exploring the purchase of a large stake in JAC and had hired Goldman Sachs to advise on the plan..
BOSTON/HOUSTON (Reuters) – Chevron Corp will put a focus on human rights in Myanmar under an agreement with an investor group that had urged it to pay more attention to violence in the Asian nation where the U.S rose cufflinks. oil company has operations. Chevron will undertake steps including social investment reviews in Myanmar’s Rakhine State, donate to humanitarian organizations for Rohingya refugees, and help develop practices for companies operating amid risks of crimes against humanity, according to a letter signed by a company executive..