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China to consolidate automakers in 10 companies

Bloomberg reported Chinese government is consolidating a range of industries, including automating, in a bid to produce more advanced and profitable goods. The statement said the nation's 14 biggest automakers will be combined into 10 companies. Shanghai Automotive Industry Corp. China FAW Group Corp, Dongfeng Motor Corp and Changan Automobile Ltd will be encouraged to buy rivals nationwide. According to the statement, Guangzhou Automobile Group Co, Beijing Automobile Industry Holding Co, Chery Automobile Co and China National Heavy Duty Truck Group Co will be able to make acquisitions within specified regions.


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