Posted on 12/21/2005 8:34:11 AM PST by Pussy_Cat
BEIJING, Dec. 21 (Xinhuanet) -- The largest Chinese auto supplier,Wanxiang Group, aims to take over the partial business of the U.S.-based auto supplier Delphi Corporation, which filed for bankruptcy two months ago, said the China Securities Journal on Wednesday.
But the Wanxiang Group said it is still unclear whether it will succeed in the purchase, said the journal.
Lu Guanqiu, chairman of the Wanxiang Group, affirmed the plan and said the two parties have started negotiating the purchase, said sources with the Wanxiang Group.
Ni Pin, manager of Wanxiang America Corp., said the company plans to expand business in the United States by purchasing business from some U.S.-based auto suppliers. Delphi will be a good choice for Wanxiang, said Ni.
Established in 1969, Wanxiang Group has grown into the largest mobile electronics and transportation components supplier in China. The company took over 20 percent of the stocks of U.S.-based UVSL in 2001, and now holds stakes in more U.S. companies.
Delphi Corporation announced this week that the company is trying to reach new agreements with the Union and GM Motor Corp., on its bankruptcy.
Delphi's China office said it is possible for Delphi to sell parts of its business since the company has planned to adjust its product structure in the future.
Shhhhhhhhhhhhhhhh! Hold it down friend, Good God don't get the free 'traitors' started. Be careful.....Shhhhhhhh.
Where have you been since 19th June and your flaming of ProudVet?
"History teaches us that when you become indifferent and lose the will to fight, someone who has the will to fight will take over." Col. "Bull Simons"
Why not? Looks like a Bolshevik is here already.
"Well Done, Union, and corporate fat cats.."
Don't forget consumers. So basically... everybody.
The reality is that - for a variety of reasons - imports enjoy an economic advantage over domestic products. That's just the way it is.
I believe in tariffs until the auto industry can re-adjust. It's a matter of national security.
Believe me I want to drive a new honda for 6k but that would mean gutting our industrial base for short term gain ( I have kids ), a base that would be needed in a real shooting war. This is something that free traders don't get.
Free trade = National suicide.
This makes sense. China and Japan hold a significant portion of our 8 trillion in government debt, so they might as well start buying up the assets of our bankrupt corporations.
The government and corporate plutocrats in the US love the China model: $9 an hour, no pension, and no health care.
I guess all those junkets to China by US politicians over the years are starting to really pay off.
Free traitors are proving to be quite expensive.
What do you think will happen to that Honda plant in Marysville, Ohio in case of a shooting war? Flee to Canada?
Japanese auto manufactors set up US plants starting in the 1980's due to tariffs. Not free trade.
The Japanese "threat" appeared in the 1970s and became strong in the 1980s, so the auto industry has had 20-30 years to adjust. How many more decades will they need?
Yes our government is at fault, for entering into free trade agreemenas and not having tariffs.
First of all, it was "voluntary import restrictions," not tariffs. Small point, but you should get your terminology straight on this forum. Secondly, those expired in what, the mid-1980's? Explain the new 1.1 billion dollar Hyundai plant in Alabama.
Let the chinese buy Delphi provided they will takeover all of Delphi's debt and pension commitments as well. Somehow, I don't think thats gonna happen in a hurry. The plain truth is the current dispensation is economically unsustainable. Look at it thru whatever glasses ('cept Marxist ones) or from whichever angle.
Because they want in our markets. You will not see a Chicom company do this.
Actually, no. Tariffs were always 'bout 3% for cars.(except for "Nixon Shock" in the early 70's)
It was the "voluntary export restraints" of the 80's that made US assembly/mfgr more attractive/necessary
GM and Ford vehicles already cost less than their Japanes counter parts so we know that with any wage cuts, the vehicle prices will stay the same...
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