Asian Tech Press (Feb 18) -- German automaker Volkswagen AG (VW) is reportedly in talks to buy Huawei's self-driving unit for billions of euros.

Manager Magazin, citing sources, reported Thursday that Volkswagen is in talks with the Chinese telecom giant to acquire its self-driving business.

The report said Huawei's subsidiary has 700 employees and the potential price for the deal could be in the billions of euros.

The German business magazine reported that the two companies have confirmed that they have been in such talks.

Huawei confirmed to Dow Jones Newswires that it was in talks with Volkswagen. While the car maker had no comment.

There were also rumors at the end of December last year that Huawei would transfer some of its autonomous driving business, including its smart driving product team, to Volkswagen to enter into a partnership in the automotive sector.