The European trade body in China reportedly has dismissed reports claiming the Beijing government was planning to require foreign vehicle parts suppliers in the country to form local joint ventures.
According to investors newsletter Seeking Alpha, the rumors surfaced as Chinese regulators cracked down on the country’s auto industry, seeking to enforce a 2008 antitrust law.
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Last month, China levied $201m in fines against 12 Japanese companies for manipulating prices, while many foreign automakers have lowered their spare parts prices to appease local regulators, Seeking Alpha noted.
COMMENT: Foreign carmakers chose appeasement in China
