China's Auto Import Tariff Cut and Easing Ownership Rule to Have Limited Impact on Local Firms
President Xi announced yesterday that China is to “substantially†reduce tariffs on imported automobiles and scrap the foreign equity share cap in automobile joint ventures in the coming months. We anticipate the relevant ministries will unveil more details later and expect limited impact on the Chinese auto names under our coverage (Great Wall Motors, Dongfeng Motors, and Yutong Bus) in the next two to three years. Our fair value estimates for each of these firms are unchanged.In a speech del...
Dongfeng Motor Group and its subsidiaries are engaged in the manufacture and sale of commercial vehicles, passenger vehicles, automotive engines and parts; and the production of vehicle manufacturing equipment. Co. is also engaged in the import and export of vehicles and equipment and other automotive-related businesses such as finance, insurance agency and used car trading. Co.'s principal products include commercial vehicles (trucks, buses and engines, auto parts and vehicle manufacturing equipment of commercial vehicles) and passenger vehicles (sedans, multi purpose vehicles, sport utility vehicles and engines, auto parts and vehicle manufacturing equipment of passenger vehicles).
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