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Business deals

Volkswagen takes 50% stake in Chinese carmaker's parent

German automaker seeks to cement its foothold in China

An electric SUV by Anhui Jianghuai Automobile Group Holding on display.

BEIJING -- Volkswagen has agreed to acquire a 50% stake in the parent company of Anhui Jianghuai Automobile Group, in the hopes of cementing its foothold in China and leaving behind its Japanese rival Toyota Motor.

China also wants to deepen its relationship with Germany by supporting the German automaker's business expansion in the country, as its relations with the U.S. continue to deteriorate.

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