US Senate Republican: Chinese vehicle bill will not ban Mercedes-Benz sales in US
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A US Senate Republican, Bernie Moreno, stated that a bill aimed at strengthening the US government's ban on Chinese vehicles will not result in a ban on Mercedes-Benz sales in America. The bill, approved by the Senate Commerce Committee in July, would prohibit companies with more than 15% ownership by Chinese entities from selling vehicles in the US. Mercedes-Benz has nearly 20% of its shares passively held by Chinese entities. Moreno expressed confidence that the legislation would not harm Mercedes-Benz and suggested that the company could reduce its Chinese ownership below the threshold. He hopes to secure rapid approval of the bill before the Senate recesses in November.
Source report
WASHINGTON, Sept 29 (Reuters) — The sponsor of a bill aimed at strengthening the U.S. government's ban on Chinese vehicles said on Tuesday that ongoing negotiations are intended to ensure German automaker Mercedes-Benz will not be prohibited from selling vehicles in the United States.
The bill, approved by the Senate Commerce Committee in July, would ban companies with more than 15% ownership by Chinese entities from selling vehicles in the U.S. Mercedes-Benz has nearly 20% of its shares passively held by Chinese entities.
Republican Senator Bernie Moreno stated: "What we are obviously not going to do is ban Mercedes vehicles in the United States." He added, "There is concern about whether they can reduce their stake to below 15% without harming the company."
Moreno hopes to secure swift approval of the Chinese vehicle bill this week, before the Senate recesses until November.
Source
rtrsWestern
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