EU regulators approves Chinese, German joint venture in automotive sector

BRUSSELS - The European Union (EU) regulators gave the green light to a 15-million-euro ($15.92 million) joint venture by Chinese and German automatic companies on Thursday, saying the case raised no competition concerns.

The decision came one month after China's Yinlun, an active player in manufacturing and supply of automotive components, announced to create a joint venture with Germany's Rheinmetall.

The European Commission, the bloc's executive arm, ruled out competition concerns as the future venture would mainly be active in the design, production and sale in China, it said in a statement.

The new company, worth up to 15 million euros, was expected to locate in China's Shanghai city and focused on exhaust gas recirculation modules, said Yinlun on its official website.