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Shanghai to accelerate cancellation of foreign ownership limits

The announcement marked a major policy shift in the world's top car market that has capped foreign ownership in the sector at 50 per cent for over 20 years

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Reuters
Shanghai will accelerate efforts to cancel restrictions on foreign investment in the auto manufacturing sector, a government official said, a day after Tesla said it would build a wholly owned auto plant in the city.

Earlier this year, China said it would scrap foreign owner-ship caps for companies making fully electric or plug-in hybrid vehicles in 2018 and all automotive ventures by 2022.


The announcement marked a major policy shift in the world’s top car market that has capped foreign ownership in the sector

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