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"China has an abundant source of organic waste ... about 2.2 billion metric tons of animal waste and about 700 million tons of agriculture crops... well enough to support the production goals. Our estimation is even more positive. Those organic wastes can support biogas production of about 160 billion cubic meters," said Zhang Dayong, secretary general of the China Biomass Energy Industry Promotion Association.

"Carmakers around the globe are investing heavily to align their portfolios to future needs and accelerate their innovation cycles. In such an environment, it just makes sense to share investment," said Diess in a conference call last Tuesday.

"China follows its own path," he said, referring to socialism with Chinese characteristics.

"China is a big and responsible country. It's developing fast and influencing the world economy, especially that along the Belt and Road Initiative," he said. "Many countries will benefit from it."

"China has an ambitious plan to achieve high-speed tech targets by 2050, and I think they would accomplish it before this date," he said.