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Chinese companies speed up takeovers in overseas auto industry: Media

Xinhua | Updated: 2017-07-19 13:59

WASHINGTON — Chinese companies accelerated their takeover efforts in the overseas auto industry in the first half of 2017, aiming for a bigger role in international auto markets, Wall Street Journal reported on Tuesday.

Chinese companies made eight overseas deals totaling more than $5.5 billion in the first half of this year, compared with nine investments for all of last year, said the report.

Tencent Holdings, one of China's most famous internet companies, spent $1.78 billion on a 5-percent stake in Tesla in March, a move targeting the lucrative self-driving vehicles and related services.

Last month, Ningbo Joyson Electronic Corp announced a $1.59 billion takeover of the bankrupt Japanese air-bag maker Takata. If finalized, the purchase will be Ningbo Joyson's fourth overseas takeover in two years.

China's investments in the overseas auto industry have totaled more than $34 billion since 2008, according to the report. In the United States, Chinese companies now are hiring thousands of workers and manufacturing products from auto glasses to luxury cars.

Zhejiang Geely Holding Group Co announced in 2015 an investment of $500 million to build a Volvo plant that would employ 2,000 people in Ridgeville, South Carolina.

And Fuyao Glass Industry Group Co has spent $1 billion on US manufacturing facilities, including reopening a former General Motors Co plant in Moraine, Ohio, which will employ 2,500 people.

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