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German car parts suppliers asked to form JVs in China: Stuttgarter

FRANKFURT/SHANGHAI (Reuters) - Three German car parts suppliers have been told by China they can no longer manage their Chinese units independently but need to form partnerships with local peers, the chief executive of auto parts maker ElringKlinger told a German paper. "The Chinese state has told several (German car) suppliersthat they are no longer allowed to operate their Chinese subsidiaries on their own but only as part of a joint venture inthe future," Stefan Wolf was quoted as saying by the StuttgarterZeitung. He said he knew of three companies that now needed to look for a Chinese partner, but did not say which, adding ElringKlinger was not affected. "If that were...

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