Beijing, March 26, 2009
Bill Russo and Edward Morcillo told senior executives at Cheung Kong Graduate School of Business that while Chinese auto firms are racing hard to make overseas acquisitions, China should keep the brakes on, and be aware of specific risks they face in the areas of integration capability.
"This is not the right time for overseas acquisitions,"said Russo, former VP of Northeast Asia automotive operations for Chrysler, who pointed out that China suffers from huge domestic overcapacity and is in the process of cutting its 150 OEM auto makers back to about 10.
Russo and Morcillo spoke to a packed audience of senior executives at the Cheung Kong Graduate School of Business Beijing Campus as part of the Cheung Kong Open Lecture Series.
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