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After Tesla deal, Shanghai to speed up cancellation of foreign ownership limits

Reuters  |  SHANGHAI 

By David StanwaySHANGHAI (Reuters) - Shanghai will accelerate efforts to cancel restrictions on foreign investment in the auto manufacturing sector, a government official said on Wednesday, a day after Tesla said it would build a wholly owned auto plant in the city.Earlier this year, China said it would scrap foreign ownership caps for companies making fully electric or plug-in hybrid vehicles in 2018 and all automotive ventures by 2022. The announcement marked a major policy shift in the world's top car market that has capped foreign ownership in the sector at 50 percent for over two ...

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First Published: Wed, July 11 2018. 11:32 IST
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