(Yicai Global) May 20 -- Volkswagen set up a new subsidiary Yishouche Internet Information Service in Beijing on 17th May, according to business data site Qichacha.

VW's China unit holds a 34 percent stake in the CNY65 million (USD9.4 million) unit, while joint venture partners FAW-Volkswagen Automotive and SAIC Volkswagen Automobile each hold 33 percent shares.

The business scope includes internet information services, auctions, sales of automobiles, motorcycles and motorcycle accessories, electronic products and automobile exhibitions.

Editor: William Clegg