Jul 18, 2017

China plans takeover of the global auto industry

Headquartered in Sweden, but owned by China, Volvo plans to expand production in the United States. (Jonas Ekstromer/AP)

Chinese investment in the global auto industry is accelerating, with the number of Chinese acquisitions of foreign auto companies and parts suppliers on pace to double this year from its 2017 rate, the Wall Street Journal reports.

Two recent investments in the American auto industry by Chinese firms include Geely Auto's planned $500 million Volvo plant in in Ridgeville S.C., which it says will support 2,000 jobs, and Fuyao Glass Industry's recent acquisition of a shuttered GM plant in Moraine, Ohio, that will employ 2,500.

Why it matters: China is generally cracking down on foreign investment these days, in an attempt to keep Chinese money in the domestic economy, where it will support the value of China's currency, the renminbi. But the government is making an exception for the auto industry, underscoring what China sees as its need to be a player in the global auto industry. This isn't bad news for U.S. workers, as Chinese money will support American jobs.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 786,291 — Total deaths: 37,820 — Total recoveries: 166,088.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 a.m. ET: 164,620 — Total deaths: 3,170— Total recoveries: 5,943.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: World Bank warns economic pain unavoidable

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus has caused a "global shock" and significant economic pain "seems unavoidable in all countries," the World Bank said in an economic update for
East Asia and the Pacific on Monday.

The big picture: COVID-19 cases surged past 786,000 and the death toll exceeded 37,800 early Tuesday, per Johns Hopkins data. Italy reported more than 11,500 total deaths.

Go deeperArrowUpdated 1 hour ago - Health

U.S. coronavirus updates: Death toll tops 3,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The U.S. death toll from the novel coronavirus has now surpassed 3,000, per Johns Hopkins data.

The state of play: The U.S. had by Monday night recorded more than 163,000 positive cases — more than any other country in the world, per Johns Hopkins. The COVID-19 death toll stood at 3,008. The number of recoveries had risen to more than 5,800.

Go deeperArrowUpdated 5 hours ago - Health