China eyes distressed US auto assets

Dongfeng Motors, which controls 12.6% of the mainland car market, and Ningbo-based car parts maker Minth Group are among a number of Chinese vehicle companies looking at acquiring assets from troubled US vehicle suppliers Delphi Corp and Visteon Corp, the South China Morning Post reported, citing market sources. Delphi, General Motors' primary parts supplier, filed for bankruptcy last year and said it would sell or close its brakes, catalyst, instrument panel, door and steering units by the end of next year. Visteon, another of Ford's primary suppliers, said in January it intends to sell, close or revamp up to 23 factories by 2009. Fuyao Group Glass Industries, the mainland's largest vehicle glass maker, is also in talks to buy Ford's glass-making facilities.