China has ‘too many’ auto companies now, consolidation needed -minister

September 13, 2021

BEIJING (Reuters) – China’s industry minister said on Monday that currently there are “too many” auto companies in China, and consolidation in the industry is needed.

China would encourage companies to consolidate to further increase industry concentration, Xiao Yaqing, minister of China’s Ministry of Industry and Information Technology told reporters.

(Reporting by Shen Yan, Yilei Sun and Brenda Goh; Editing by Christopher Cushing)

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