Ernst & Young opens new global automotive center in Shanghai

Shanghai, September 23 (Gasgoo.com) Ernst & Young, one of the world's four biggest auditing firms, announced on Tuesday the opening of a new Global Automotive Center location (GAC) in Shanghai, underlining Ernst & Young's increasing investment in supporting China's automotive industry.

"Our new Shanghai location is a critical link in furthering the connectivity of our global automotive network of over 7,000 Ernst & Young dedicated sector professionals to the automotive community in China," said Mike Hanley, Ernst & Young Global Automotive Leader, during a press conference in Shanghai.

The GAC team will offer advices on assurance, risk, tax, transactions, advisory, finance and operations-related issues facing automotive executives in China, and provide up-to-date thought leadership on trends, challenges and opportunities within the sector.

"The automotive industry is a key sector in which Ernst & Young has demonstrated market leadership around the globe so it is important for us to strategically align our services in the China market where we are witnessing phenomenal growth and change," said James Wu, Partner, Far East Automotive Leader.

Asking whether a U.S. decision this month to slap trade sanctions on Chinese tires would have a negative impact on the auto industry, the partners told a group of reporters that protectionism does no one good to any participant in an economic globalization environment.

In an industry report issued by Ernst & Young yesterday, the firm also predicted that despite all the challenges, alternative fuel powertrains offer China a window of opportunity to leap forward current industry leaders.