Volkswagen and Chinese partner SAIC to sell joint venture plant in west China's Xinjiang

Volkswagen and SAIC Motor say they have agreed to extend their 40-year-old automaking joint venture in China until 2040. The two car companies also announced Wednesday that the joint venture would step up its shift to electric vehicles and that they were selling a factory in the far western Xinjiang region. Volkswagen was one of the first foreign investors in China's auto industry. The Santana and Jetta sedans its JV in Shanghai made formed the basis of taxi fleets in Shanghai and other cities for many years. SAIC, based in Shanghai, says it is the largest automaker in China, turning out 5 million vehicles in 2023. It also has partnerships with General Motors and other automakers.