Industry News 2018-06-08
As the ‘Motor City’, Detroit’s filing for bankruptcy has shocked the global auto industry. According to Governor Rick Snyder, State of Michigan, United States of America, Detroit has solved the government financial problems and has recovered successfully. It has become a perfect destination for investment for Chinese auto companies.
It is reported that 23 percent of vehicles manufactured in America are made in Michigan. The three world-renowned auto manufacturers with the longest history, namely, GM, Chrysler, Ford were established in Michigan in the early 20th century. When the global financial crisis broke out in 2008, America’s auto industry, represented by the state of Michigan, took a nose dive.
In an interview at the 7th China International Auto Parts Expo (CIAPE 2013), Governor Rick Snyder said, the state of Michigan has been through a rough period but now it has recovered first among over 50 states of America and its economy is developing rapidly. The success is attributed to the revolution of the government. We performed extremely well in the balance sheet in the past few years and achieved long term reliability and stability. We removed over 1,000 unnecessary limitation policies and more importantly we attach great importance to the implementation of the policies.
According to Governor Rick Snyder said, Michigan is home to 375 automotive R&D centers, approximately 70 percent of the innovation within America’s auto industry. It boasts high-skilled, well-educated workforce including engineering and mechanics and four most famous engineering institutes in America. Furthermore 61 of the top 100 automotive suppliers to North America are headquartered in Michigan. They are eager to cooperate with China’s auto industry in trade and investment.
CIAPE, held by MOFCOM, is the only state-level auto parts expo in China. Since the first session in 2007, the annual event has become an important platform for communication between domestic and overseas auto and auto parts companies.