China to lift foreign ownership limits on automakers

China announced a timeline for lifting ownership limits on foreign automakers Tuesday, meeting a longtime demand of the United States and Europe that President Xi Jinping pledged to fulfill last week.

The country will end shareholding limits for new energy vehicle firms this year, followed by commercial vehicles in 2020 and passenger cars in 2022, the National Development and Reform Commission said. – APP

Posted on: 2018-04-17T14:31:00+05:00