SHANGHAI - China's SAIC Motor announced Tuesday that German luxury carmaker Audi has acquired a 1-percent stake in SAIC Volkswagen which was previously held by Volkswagen AG.

SAIC Volkswagen is a joint venture established between Shanghai-based SAIC Motor and German automaker Volkswagen AG in 1984.

After Audi's acquisition, the status quo of SAIC Volkswagen's equity is: SAIC Motor holds a 50-percent stake, Volkswagen AG 38 percent, Volkswagen China 10 percent, Audi and Skoda 1 percent each.

According to SAIC Motor, the equity structure change, which happened in June, means that Audi models can now be manufactured in the joint venture.

In November 2016, SAIC Motor signed a memorandum of understanding with Volkswagen AG in Germany, discussing the possibilities of allowing SAIC Volkswagen to manufacture and sell Audi cars, as well new energy vehicles.