Nothing is impossible in China but, as US automakers scramble to raise funds, car industry insiders in China say they do not expect Beijing to take over Detroit in the near future. They say that most Chinese companies lack the money, the expertise or the appetite for risk required to buy a foreign auto brand now – and many lack all three.

“Chinese automakers find the prospect of owning a foreign brand tantalising but it's the right opportunity at the wrong time,” says Mike Dunne of JD Power, the auto consultancy, in Shanghai. “Uncertain economic conditions make them skittish: surviving at home is the number one priority.”

He adds that things could be different if market conditions change, noting that some companies have cash or could secure government funding. But sources close to some of China's biggest automakers say they know they do not have the expertise to manage a foreign brand in a downturn abroad, especially at a time of depressed sales at home.