US Senate panel approves bill to crack down on Chinese ve…

The U.S. Senate Commerce Committee has approved a bill aimed at restricting Chinese automakers from entering the U.S. market. This legislation may impact Mercedes-Benz, as its nearly 20% Chinese investment would violate the proposed ban on companies with over 15% ownership in Chinese entities. Senator Ted Cruz noted that without amendments, this could prevent Mercedes-Benz from selling in the U.S. However, Senator Bernie Moreno stated that the company could comply by 2030 and might be eligible for waivers.

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July 22 (Reuters) - The U.S. Senate Commerce Committee approved legislation to toughen a ‌U.S. government ban on Chinese automakers entering the American market that could potentially bar Mercedes-Benz from ⁠selling vehicles in the United States.

Senator Ted Cruz, the chair of the committee, warned that without changes, the bill's provision that would ban companies with ‌more ⁠than 15% ownership of Chinese entities would bar Mercedes-Benz from selling vehicles in the ⁠United States because of its nearly 20% Chinese investment. Senator ⁠Bernie Moreno said Mercedes-Benz would have until ⁠2030 to comply and could still get waivers if needed.

Reporting by David Shepardson

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