Audi to localize in second JV

Audi AG acquired in June a 1 percent stake in the joint venture between its parent company Volkswagen AG and China's SAIC Motor Corp, which marks an important step in its drive to localize vehicles with a second partner in the country. Audi and SAIC inked a deal to localize and sell Audi cars in China in late 2016. Equity ownership in a joint venture is a prerequisite for international carmakers to localize models in China, according to the country's industrial policies. Other shareholders are SAIC, which holds 50 percent; Volkswagen AG, 38 percent; Volkswagen Group China, 10 percent; and Skoda Auto, 1 percent.