The German cable company Leoni has suffered since 2022. Now a Chinese company has paid 2.3 billion kroner for the whole thing.
Leoni is a German company that manufactures cables, cable harnesses and modular wiring harnesses for electric cars. Now the Chinese have paid 2.3 billion for the whole thing.
It is the Chinese Luxshare, which today manufactures cables for Apple, which has invested a lot of money to take over control of the company from Nuremberg.
Handelsblatt writes that.
According to the media, the Chinese company has paid a lot of money for control of 50.1 percent of Leoni. Now Luxshare CEO Grace Wang hopes to become a world leader in the automotive industry.
At the same time, the takeover means that the Germans get better access to a much larger car market – namely the Chinese one. One million electric cars lived here last August for the first time ever.
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– I am convinced that many German companies will find it difficult, especially in the supply sector, if they do not join forces with Chinese partners to enter the fastest growing market in China.
– Also when the Chinese come to Europe to sell their things here too, says Leoni's director Klaus Rinnerberger.
The takeover in Germany is just the latest part of the car industry to be swallowed up by the Chinese. The country's various car companies already own brands such as Volvo, Polestar and Lotus.
In addition, the Chinese are making several partnerships with Western car companies in so-called joint ventures. It is, among other things, happened to Audi, which long ago recognized that it cannot manage on its own in the Chinese market. Something that causes the Germans to drop a very special detail in China. Read more about it here .
Read more exciting news from and about the world of cars right here!
