Chinese ride-hailing market leader Didi Chuxing are close to reaching a partnership deal with Volkswagen to expand services in China, the company said on Monday, with a formal announcement as early as next week.
Plans for the joint-venture include the provision of vehicles, including electric and self-driving cars, for Didi’s own China fleet. As the Wall Street Journal reports, Volkswagen, the world’s largest automaker by sales, will not be the only vehicles provider, but will be the only equity holder in the venture.
The venture will eventually be 50-50, but Volkswagen will initially hold 40% and gain another 10% at a later stage.
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