The Volkswagen Group is expanding its successful engagement in the People's Republic of China with a new joint venture. In the presence of Federal Chancellor Angela Merkel and Chinese Premier Li Keqiang, Volkswagen signed a joint venture agreement with the Chinese automaker Anhui Jianghuai Automobile (JAC) in Berlin today. Each of the partners is to hold a 50 percent stake in the new company, which is to develop, produce and market electric vehicles and mobility services. "The new partnership is a further milestone in our electric offensive in China," said Matthias Müller, CEO of the Volkswagen Group, commenting on the agreement. "Just as we have played a key role in shaping mobility together with our partners in China over the past 30 years or more, we want to play our part in shaping the mobility of the future: electric, fully networked and in line with the needs of our customers."