Volkswagen arm buys Shanghai leasing firm

The German automaker Volkswagen's service arm Volkswagen New Mobility Services Investment Co Ltd said on Monday that it had acquired Shanghai Zhenlang Transportation Equipment Leasing Co and will officially establish car rental operations across China.

According to the company's General Manager, Peter Tempich, after the first step of the acquisition, the company plans to gradually set up car rental stations in all major cities of the country, providing long-term rental and leasing services for corporate clients.

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