Germany's leading luxury automaker Mercedes-Benz has continued to increase its investment in China as the enormous market remains committed to opening up wider to the world.
Despite increasingly fierce competition in the Chinese auto industry, Mercedes-Benz announced last month that, together with its Chinese partners, it would invest an additional 14 billion yuan (1.99 billion U.S. dollars) into the Chinese market, increasing its product portfolio in the country.
The German automaker established its first joint-venture Beijing Benz with BAIC Motor in August 8, 2005.
Mercedes and its Chinese partners invested a total of more than 100 billion yuan (about 14 billion U.S. dollars) in China between 2014 and 2023.
Over the past two decades of localization, the operations of Mercedes-Benz in China have become more and more mature, said Ola Kallenius, chairman of the Board of Management of Mercedes-Benz Group AG.
"When we started expanding our operations here more than 20 years ago, in the beginning, it was a lot about the market. And then, it was about production capacity and building up plants here in China together with our partner, of course creating jobs, building up the supply chain. But more and more, it's now every aspect of running an automotive company," he said.
Fu Yuwu, honorary chairman of the China Society of Automotive Engineers, recognized the benefit of globalization when talking about flourishing auto industry and rising foreign investment in China.
"We should recognize the benefit from globalization. It is just because of globalization that China has got integrated its auto industry into the world auto industry and become the most vibrant auto development arena in the world. In the meantime, transnationals have also entered China, so there have emerged a large number of joint ventures set up by transnationals and Chinese firms," Fu said.
Mercedes-Benz increases investment in China
Residents in Beirut are reeling from another airstrike on Monday as the Israeli military has started what it called a limited ground operation in southern Lebanon.
The Israel Defense Forces (IDF) announced on Tuesday that they have begun "limited, localized and targeted ground raids" in several villages near the border in southern Lebanon, targeting Hezbollah's infrastructures and positions.
Hezbollah will continue to defend Lebanon and support Gaza despite losing its Secretary General Hassan Nasrallah and many commanders, said Sheikh Naim Qassem, deputy leader of the group, on Monday, during his first televised speech following Nasrallah's assassination by Israel.
Qassem emphasized that Hezbollah will select a new secretary general as soon as possible, vowing that if Israel initiates a ground operation in Lebanon, the fighters of the Islamic Resistance will confront it and defend Lebanon.
Since last Monday, Israel has intensified airstrikes across Lebanon, culminating in a significant strike on Friday in the southern suburbs of Beirut that killed Nasrallah and many of his companions.
Another strike on early Monday hit an apartment building in the Kola District of Beirut. Mohammed, one of the witnesses, said he felt the ground shake, recalling that the echo was intense that night.
Residents are voicing strong opposition to attacks against civilians.
"May God protect everyone. At this point, I don't know what to think. They don't have any red lines, nothing is off-limits for them, whether it's military or civilian, it makes no difference to them. They're an enemy without red lines or limits. They have no sense of morality. Civilians shouldn't be targeted," said local resident Imad.
As Beirut recovers from the airstrike, tension lingers in the city. Both sides are preparing for further conflict. Meanwhile, Beirut's residents are left picking up the pieces, unsure of what lies ahead.
Blasts hit Beirut suburbs as Israel begins operation in southern Lebanon
