China Looks to Stimulate It's Slumping Auto Industry (F) (GM)
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China is taking a page from America's playbook to stimulate it's slumping auto industry.
Forbes reports China will begin its own "Cash for Clunkers" program, offering up to $2,800 per vehicle to stimulate citizens to make a new car purchase.
Included in the plan are rural passenger vehicles that are six to 15 years old, along with old city buses and heavy trucks.
The news may be a boon for U.S. automakers Ford (NYSE: F) and General Motors (NYSE: GM), which have made efforts to expand their presence in China by offering deals and investing in factories.
Forbes reports China will begin its own "Cash for Clunkers" program, offering up to $2,800 per vehicle to stimulate citizens to make a new car purchase.
Included in the plan are rural passenger vehicles that are six to 15 years old, along with old city buses and heavy trucks.
The news may be a boon for U.S. automakers Ford (NYSE: F) and General Motors (NYSE: GM), which have made efforts to expand their presence in China by offering deals and investing in factories.
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