FILE PHOTO: Geely Auto logo is seen in this illustration taken January 16, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
SHANGHAI: The global automotive industry was facing “serious overcapacity” and that the Chinese automaker had decided not to build new manufacturing plants or expand production in existing facilities, according to Geely chairman and founder Li Shufu.
Li made the comments last Saturday at an auto forum in the central city of Chongqing, according to his company.
