Volkswagen becomes biggest shareholder of China’s EV battery maker Guoxuan

The logo of German car maker Volkswagen is seen on a car outside a garage in Vienna, Austria, Sept. 29, 2016. REUTERS/Leonhard Foeger

BEIJING/HONG KONG (Reuters) – German automaker Volkswagen AG (VOWG_p.DE) has become the biggest shareholder of China’s electric vehicle battery maker Guoxuan High-Tech Co Ltd with a 26.5% stake, Guoxuan said in stock exchange filings on Thursday.

Reuters reported the Volkswagen is in final talks to invest in the Hefei-based battery company on Wednesday.

Guoxuan said it will restart share trading on May 29. Volkswagen did not immediately respond to a request for comment.

Reporting by Yilei Sun in Beijing and Julie Zhu in Hong Kong; editing by David Evans