Reported 12 months ago
The German government announced on Wednesday that MAN Energy Solutions, a subsidiary under Volkswagen, cannot be sold to a Chinese company due to national security concerns. This decision reflects European countries' increasing apprehension over the risk of transferring dual-use military technologies to China. The gas turbine technology in question is crucial for ship engines and is essential for modern warships to achieve high speeds. The rejection of the sale to a Chinese company affiliated with the Chinese military was primarily due to their close ties to the military. German officials, including Interior Minister Nancy Faeser and Deputy Prime Minister Robert Habeck, welcomed the government's decision to safeguard national security by blocking the sale. MAN Energy Solutions stated that they will comply with the government's decision and make necessary adjustments to the gas turbine division in the coming months. As tensions between Europe and China escalate amid the Ukraine conflict, German businesses play a significant role in resisting decoupling from China. The EU's announcement of imposing a 48% tariff on Chinese electric cars starting from the 4th has received pushback from the German Association of the Automotive Industry (VDA) as of the 3rd, urging the EU Commission to reconsider this decision.
Source: YAHOO