China’s Geely to stop building new car plants amid severe global overcapacity: Li Shufu
Billionaire chairman says mainland China's second-largest carmaker will focus on improving technological capabilities Geely Auto , the mainland's second-largest carmaker, will not build new plants amid excess capacity worldwide, a move that is likely to ripple across the sector as most Chinese companies are finding it difficult to make profits. Chairman Li Shufu told the Chongqing Auto Show over the weekend that the company would avoid building excess capacity and instead focus on improving its technological capabilities to become a key player in the future of mobility. "The global automotive industry is mired in severe overcapacity woes, [so] we have decided to stop building new car plants," he said in a video clip posted online. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to yo...