CHINA: First Auto Works takes 51% stake In Tianjin Xiali
First Automotive Works, one of China's top three carmakers has taken a controlling 50.98% stake in Tianjin Automotive Xiali Co. The consolidation move is being interpreted as a reaction to more competitive market conditions and China's entry to the WTO. The Chinese government has said in the past that it wants to create two or three globally competitive car producers to strengthen a fragmented industry.
First Automotive Works, one of China’s top three carmakers has taken a controlling 50.98% stake in Tianjin Automotive Xiali Co. The consolidation move is being interpreted as a reaction to more competitive market conditions and China’s entry to the WTO.
The Chinese government has said in the past that it wants to create two or three globally competitive car producers to strengthen a fragmented industry.
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