Tags: Carlos Slim | China | car | Nafta

FT: Carlos Slim Teams Up With China in $230 Million Car Venture

FT: Carlos Slim Teams Up With China in $230 Million Car Venture
Carlos Slim

By    |   Monday, 27 March 2017 11:00 AM

Carlos Slim, the Mexican tycoon with an estimated net worth of $54.5 billion, plans to build cars in Mexico in a joint venture with China’s JAC Motors.

Two Chinese-designed and largely Chinese-manufactured sport utility vehicles will be announced on Tuesday for Mexico’s booming domestic car market, according to the Financial Times.

The partnership between Mexican and Chinese business interests follows U.S. President Donald Trump’s pledge to renegotiate trade agreements with the countries. A border adjustment tax that would place a levy on imports and support exports is part of a Republican proposal to change the U.S. tax code.

The $230 million investment from Giant Motors, the Mexican vehicle assembler backed by Slim, and its Chinese partners will focus on domestic sales and exports to Central and South American countries instead of looking north to the U.S., the newspaper reported.

Giant is also working on separate plans for electric taxis and expects two more JAC models this year. Massri said up to 6,000 cars and as many trucks will be built annually by 2021.

“We don’t depend on Nafta at all, not for exports or for supplies,” Elías Massri, Giant Motors chief executive, told the FT. “For us, this is where the opportunity lies.”

© 2021 Newsmax Finance. All rights reserved.


   
1Like our page
2Share
StreetTalk
Carlos Slim, the Mexican tycoon with an estimated net worth of $54.5 billion, plans to build cars in Mexico in a joint venture with China's JAC Motors.Two Chinese-designed and largely Chinese-manufactured sport utility vehicles will be announced on Tuesday for Mexico's...
Carlos Slim, China, car, Nafta
205
2017-00-27
Monday, 27 March 2017 11:00 AM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved