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China to open auto market as trade tensions simmer

Reuters  |  BEIJING/SHANGHAI 

By Norihiko Shirouzu and Adam JourdanBEIJING/SHANGHAI (Reuters) - China will scrap a limit on foreign ownership of automotive ventures by 2022 in a major policy shift to open up the world's biggest car market, even as trade tensions simmer between Washington and Beijing.In a move welcomed by Germany's powerful car industry, China's state planner said on Tuesday it would remove foreign ownership caps for companies making fully electric and plug-in hybrid vehicles in 2018, for makers of commercial vehicles in 2020, and the wider car market by 2022.China imposed ownership restrictions in 1994, ...

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First Published: Tue, April 17 2018. 22:01 IST
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