This Feb. 15, 2018, file photo shows the Toyota logo on the trunk of a 2018 Toyota Prius on display at the Pittsburgh Auto Show. (AP Photo/Gene J. Puskar, File)
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China announced plans Tuesday to allow full foreign ownership of automakers in five years, ending restrictions that helped to fuel its escalating dispute with U.S. President Donald Trump and strained relations with other trading partners.Until now, global automakers such as General Motors Co. and Volkswagen AG have been allowed to own no more than 50 percent of a joint venture with a Chinese partner and were limited to two ventures.Sales of sedans, SUVs and minivans last year totaled 24.8 million units, about 55 percent of which was American, European, Japanese and Korean brands.State-owned Dongfeng Motor Group, which has joint ventures with Nissan Motor Co. and other brands, bought a 14 percent stake in France's PSA Peugeot Citroen in 2014 .China is the world's biggest electric vehicle market, with last year's sales rising 53 percent over 2016 to 770,000 vehicles.The impact on companies such as GM, VW, Nissan Motors Co. and Ford Motor Co. that have joint ventures with Chinese partners is likely to be limited at first.
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