China Will No Longer Require Foreign Carmakers To Form Joint Ventures | Carscoops carscoops
, the decision will allow legacy car manufacturers like Volkswagen, Ford, GM, and Mercedes-Benz to take over their joint ventures while also making it easier for new car manufacturers, such as Rivian and Lucid, to enter the Chinese market.China’s Geely Reportedly Forming New JV With Renault, Could Allow Duty-Free Cars Into The U.S.
Joint-venture schemes like these were designed to allow domestic brands to keep more of their profits and technologies in the country. What’s more, the five biggest car manufacturers in China, SAIC, FAW, BAIC, Dongfeng, and Shangan, are all state-owned. There are dozens of other industries where foreign companies must form joint venture partnerships. These include rare earths, tobacco products, and film production and distribution.
This news comes shortly after Daimler and its long-term Chinese partner BYD signed an equity transfer agreement on their DENZA joint venture that will see Daimler reduce its stake to 10 per cent while BYD will own the remaining 90 per cent.
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