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Chinese manufacturers wary of acquisitions

Chinese carmakers are cautious of the difficulties in making a success of a foreign brand acquisition.

That is the view of Li Shufu, chairman of Geely, one of China's largest motor manufacturers. On the eve of the Shanghai motor show, Li played down suggestions that Geely wants to buy Saab or Volvo, saying "only superficial discussions" had been held.

He also played down speculation that Chinese companies would buy a significant part of the global automotive industry in the near term.

Strong Q1 sales in China, fuelled by government stimulus measures such as temporary tax cuts and subsidies, made the country the world's largest light vehicle market for the first time.

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