German Economy Minister, Peter Altmaier, announced that Germany would buy stakes in foreign companies to prevent the sale of key technologies. Germany has developed a national industrial strategy aimed at supporting local exporters. German companies face competition from the US and China, and buying assets in foreign corporations can help them remain in the market. German automakers, BMW, Mercedes-Benz and Volkswagen, were left behind Tesla after the company released viable cars. The popularity of electric cars threatens the competitiveness of the automotive industry in Germany. The German government will also strengthen competitiveness by controlling foreign investment. China has already merged some of Germany’s electricity and equipment companies. Last summer, the German government vetoed the purchase of Leifeld Metal Spinning AG by a Chinese investor.
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