Volkswagen To Invest $2.4 Billion In Automation, Pursue Joint Venture In China

Volkswagen (VWAGY) is looking to expand its foray into the electric vehicle market with a $2.4 billion investment, the German carmaker said Thursday. The company is also pursuing a joint venture with Chinese firm Horizon Robotics, a major chipmaker in the world's largest economy. However, the deal is pending regulatory approval. Following the deal's completion, software firm CARIAD, a subsidy of the carmaker, will hold a 60% majority stake in the joint venture. The partnership is an effort to "speed up customization of automated driving solutions for the Chinese market," the company said in a statement.