American Electric Automobile Co. Pulls Out of China
American Electric Automobile Co. Inc. (Ontario) announced that its board of directors has decided to withdraw from participation in a joint venture to produce hybrid electric automobiles in China. The board cited such reasons as inherent risks in Chinese business conditions and the difficulty of monitoring the activity.
“The decision was taken after careful consideration," stated Pierre Quilliam, president and CEO of the company. “We plan to allocate our resources where they will be most effective in achieving our business objectives."