Honda gets China approval for car export venture

Newswire

TOKYO, Nov 22 (Reuters) - Honda Motor Co , Japan's second-largest automaker, said on Friday it received approval from the Chinese government to set up the first Sino-foreign joint venture to make cars solely for export. Honda will own 65 percent of the venture, marking the first time China has allowed a foreign company to own a controlling stake in an auto-making tie-up. Guangzhou Auto Group will own 25 percent and Dongfeng Motor will own 10 percent, Honda said in a statement. The three ...

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