China's JAC Motors said on Monday it had received government approval for a $734 million joint venture with Volkswagen to produce 100,000 electric cars per year. Volkswagen, the world's largest automaker, is also the market leader in China. It sold four million cars in the country last year but only a few hundred of them were "green" despite rapid growth in electric vehicle sales in China.
China has for years been the world's largest automotive market but also more recently became the top market for electric vehicles, helped by government purchase incentives.
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