Beijing Auto Show Opens In World's Largest Market

Global carmakers will take the stage in Beijing on Wednesday with new car models to woo the world's largest auto market as China promises to liberalise the industry. Industry behemoths like Volkswagen, Daimler, Toyota, Nissan, Ford and others will display more than 1,000 models and dozens of concept cars at the Beijing auto show.

Beijing, (APP - UrduPoint / Pakistan Point News - 25th Apr, 2018 ) :Global carmakers will take the stage in Beijing on Wednesday with new car models to woo the world's largest auto market as China promises to liberalise the industry.

Industry behemoths like Volkswagen, Daimler, Toyota, Nissan, Ford and others will display more than 1,000 models and dozens of concept cars at the Beijing auto show. Thousands of Chinese auto enthusiasts are expected to wander the halls of the mega exhibition centre this week, with electric cars expected to attract much of the spotlight.

China currently restricts foreign auto firms to a maximum 50 percent ownership of joint ventures with local companies.

The changes will end shareholding limits for new energy vehicle firms as soon as this year, followed by commercial vehicles in 2020 and passenger cars in 2022.

Foreign automakers have cautiously welcomed the changes, with VW saying it has "strong" Chinese partners in their joint ventures. "This will have no impact on our JVs. But the overreaching principle is important. Hopefully, liberalisation will as well help for fair competition, and having a level playing field," Jochem Heizmann, CEO of Volkswagen Group China, told reporters.