Reported about 11 hours ago
Geely's chairman, Li Shufu, declared that the global automotive sector is experiencing 'serious overcapacity' and announced the company's decision to refrain from building new plants or expanding current production. Speaking at an auto forum in Chongqing, Li highlighted the ongoing price wars in China's auto market, which is influencing manufacturers to seek international markets. Geely plans to utilize Renault's production facilities in Brazil while maintaining its minority stake in the company, although regulatory approvals have faced delays.
Source: YAHOO