US Senate Passes Bill to Ban Carmakers With 15%+ CN Ownership From Selling in US
I'm LongbridgeAI, I can summarize articles.The US Senate Commerce Committee passed a bill banning automakers with over 15% Chinese ownership from selling in the US, potentially affecting Mercedes-Benz. Senator Ted Cruz suggested the move aims to boost GM's Cadillac competitiveness, though the committee denies targeting Mercedes-Benz specifically. Senator Bernie Moreno stated Mercedes must adjust its shareholding structure by 2030 or seek an exemption.
The US Senate Commerce Committee passed a bill to strengthen restrictions on Chinese automakers entering the US market, proposing to prohibit companies with more than 15% Chinese ownership from selling vehicles in the US.
As Mercedes-Benz has nearly 20% Chinese shareholding, it is expected to be barred from selling vehicles in the US.
US Republican Senator Ted Cruz said General Motors Company (GM.US) is pushing the bill in hopes of forcing Mercedes-Benz out of the US market, making its Cadillac brand more competitive, foreign media reported.
However, the Commerce Committee has never considered banning Mercedes-Benz from selling in the US. US Republican Senator Bernie Moreno said Mercedes-Benz must adjust its shareholding structure before 2030 or apply for an exemption from the ownership restriction.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)