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CFIUS, an interagency committee, reviews potential foreign investment in American businesses to ensure national security is not compromised.

By the end of this year, the market for China's elderly care service industry is estimated to be valued at about 7.5 trillion yuan (.06 trillion), according to the committee. In 2024, the industry will be worth more than 10 trillion yuan.

Byton is building a plant in Nanjing, Jiangsu province with a planned annual capacity of 150,000 units in its initial phase.

Byton's construction of its Nanjing plant is set to be completed this year with cutting-edge equipment from leading global partners from Germany, Japan and other countries, according to Kirchert.

CAAM also noted that the sales of commercial vehicles was driven by government investment in infrastructure and as buyers upgraded to comply with stricter emissions rules. Sales of trucks and other commercial vehicles, which constitute around a quarter of the market, surged 41.6 percent to 431,000 units in August.