Apparently the idea that the ultimate all-American automotive company, General Motors, could one day be owned by a Chinese company or group isn’t too far-fetched, reports CNNMoney.
“I can tell you right now the Chinese are shopping heavily in the U.S. auto sector,” said David Cole, chairman of the Center for Automotive Research, a Michigan think tank. ”The Chinese have a lot of our money and they’re looking to invest it.”
While GM would be a major opportunity for the Chinese auto industry, such a move wouldn’t happen until GM goes public, likely a year from now.
The Chinese have already shown their interest in purchasing brands that are being cut loose by U.S. automakers. Sichuan Tengzhong Heavy Industrial Machinery is set to buy Hummer from GM, and Geely is FoMoCo’s preferred bidder to take over Volvo.
Don’t worry too much just yet – Cole isn’t saying that GM would be China’s top target. Other analysts say that China may buy a second-tier Asian or European automaker, or may even jump in on Chrysler / Fiat Group alliance.
- By: Omar Rana
Source: CNNMoney
