The Chinese auto industry has firmly established itself in Russia and has no plans to leave.
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Chery, Geely, Great Wall were quick to seize the opportunities and fill the void left by global automakers. So far, they have managed to avoid the negative reaction of the collective West, which many companies from other countries that have tried to stay in Russia have not been able to do.
While Chinese automakers have so far avoided secondary sanctions, their growing presence in Russia could draw attention to their network of Western partners and risk “damaging their business reputation.” Yet some of China’s biggest automakers are looking to make a name for themselves globally, including in Europe and the US, Bloomberg writes.
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*This material was created by a person who has the status of a foreign agent in the Russian Federation.
However, Chinese President Xi Jinping supports Russian President Vladimir Putin, which means that Chinese companies that continue to operate in Russia after the invasion will not receive any backlash or criticism at home.
Meanwhile, the ties in the global automotive industry are very close, and those who “left” are more likely to suffer.
Thus, the Chinese automaker Geely controls Volvo and Polestar Automotive Holding. One of the main shareholders of Mercedes-Benz and Aston Martin is Chinese billionaire Li Shufu.
Based on all this, we can conclude that the Chinese automotive industry is going its own way, and so far it is more profitable for it to maintain relations with Russia than to succumb to international pressure.
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Source: Bloomberg
