2. VW signs 3rd local joint venture

Volkswagen became the first international brand to have three passenger car joint ventures in China when the German automaker signed a deal with Anhui Jianghuai Automobile Co in June. The 50-50 partnership, which is dedicated to developing and producing electric cars, will see a total investment of 6 billion yuan ($882 million). Its first model, which will be produced at existing JAC facilities, is expected to roll off the assembly line in 2018. That would give VW a head start to become the first localized electric car producer in the country, ahead of its rivals such as General Motors.