The world's auto giants will need to partner with Chinese companies to survive in China, analysts say [CNBC]
General Motors Company (GM)
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Source: CNBC
U.S. automaker General Motors, Germany's Volkswagen and Japan's Nissan each saw their China revenue drop between 2019 and 2023, according to CNBC's calculations of company data. "Western [automakers] are waking up to the fact that they can't just sit here and watch their market positions just erode and erode," said David Norman, a Hong Kong-based mergers and acquisitions lawyer at A&O Sherman. BEIJING — Time is running out for traditional foreign automakers to adapt to China's electric car market, signaling to industry analysts that companies must double down on local partnerships to survive. Fossil fuel-based automakers have struggled to hold their ground in the world's largest car market, which has swiftly transformed into one where new energy vehicles now account for more than half the country's car sales If the foreign brands "can't launch competitive clean energy vehicles in the China market soon, the only hope for salvaging any market share is likely via partnership wit
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