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Report: China May Drop JV Ownership Rules for EV Makers
China’s central government may ease a longstanding a policy that requires foreign carmakers to operate through joint ventures with domestic manufacturers, sources tell Bloomberg News.
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China’s central government may ease a longstanding a policy that requires foreign carmakers to operate through joint ventures with domestic manufacturers, sources tell Bloomberg News.
The proposal would enable overseas-based makers of electric vehicles such as Tesla Inc. to set up wholly owned subsidiaries in free-trade zones. The plan does not appear to modify requirements for existing joint ventures that make conventionally powered vehicles.
China’s Ministry of Commerce is responsible for such policies governing foreign direct investments. Bloomberg cites the agency’s statement which says only that the country it will “actively implement the opening up of the new-energy manufacturing sector to foreigners.”
The country separately has announced sales quotas for EVs and hybrid cars and signaled it eventually will phase out petroleum-burning powertrains. Bloomberg notes that last year China began to allow 100% foreign ownership of motorcycle and battery making businesses in its free-trade zones.
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