JAC, Volkswagen to jointly develop multi-functional cars

HEFEI, Nov. 27 (Xinhua) -- Anhui Jianghuai Automobile (JAC Motors) and Volkswagen Monday signed a memorandum on a joint venture to develop and market multi-function vehicles.

The two companies will discuss possible options for a joint venture which will develop pickup trucks, MPVs and electric cars.

The venture will be half-owned by JAC and half-owned by Volkswagen. It will be based in Hefei, capital city of central China's Anhui Province, hometown of JAC.

It will be the second joint venture between JAC and Volkswagen, as the two companies signed an agreement in Germany in June to establish a 50-50 joint venture to develop, produce and market new energy cars and related mobility services.