Volkswagen AG is investing €1 billion ($1.11 billion) in a Chinese auto maker and a further €1.1 billion in a local battery producer, the company said Friday, in the latest bet by the German auto maker on the Chinese electric-vehicle sector. Volkswagen is increasing its stake in an existing joint venture with JAC Motors to 75% from 50% through the acquisition of half of JAC’s parent company, state-owned Anhui Jianghuai Automobile Group. The joint venture focuses on electric vehicles. …