Former head of Chinese automaker JAC under investigation, anti-graft watchdog says
Reuters
Published Apr 02, 2024 00:12
Updated Apr 02, 2024 04:44
BEIJING (Reuters) -The former chairman of Jianghuai Automobile Group (JAC), An Jin, is under investigation, China's anti-graft watchdog said.
An retired from the state-owned automaker in 2021 after 46 years, having served as chairman for nine years.
The Central Commission for Discipline Inspection said on its website that An was suspected of "serious violations of discipline and law" but did not give any details of the case.
JAC did not immediately respond to a request for comment on Tuesday.
JAC partners with both Volkswagen (ETR:VOWG_p) and Chinese electric car firm Nio.
In 2017, JAC set up a 50-50 joint venture with Volkswagen focused on electric vehicles and the German automaker secured a controlling stake in the venture three years later after Beijing relaxed foreign ownership rules.
A spokesperson for Volkswagen said the investigation has had no impact on the business activities of its venture with JAC.
JAC is Nio's manufacturing partner. In December, Nio said it would take over some plant assets from JAC.
Nio said the probe would have no impact on its cooperation with JAC and operations.
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Written By: Reuters
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