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China auto bill advances, raising risk for Mercedes access to US
The concern centers on BAIC’s state ownership stake in Mercedes’ largest shareholder and potential effects on the automaker’s ability to operate in the US market.
A US Senate panel has advanced legislation that could restrict certain auto business ties with China, with Mercedes-Benz flagged as a potential target.
According to CNBC Markets, the automaker’s largest individual shareholder is BAIC, a Chinese state-owned company, and the bill is designed to address those kinds of connections.
The proposal was also criticized as potentially harmful to Mercedes and was linked by Senator Ted Cruz to political support that he said could benefit General Motors, the outlet said.