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Geely chairman says global auto industry faces 'serious overcapacity'

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Geely's chairman and founder Li Shufu said on Saturday that 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.
Geely Chairman Li Shufu highlighted the severe overcapacity issue in the global automotive industry during a speech at the China EV 100 forum in Beijing. He pointed out that the industry's production capacity far exceeds demand, leading to intensified competition and potential market instability. Li emphasized the need for the industry to adapt to new energy vehicles and intelligent connected vehicles to address these challenges. He also called for international cooperation and a more open market environment to help manage the overcapacity and foster sustainable development in the automotive sector.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/money/topstories/geely-chairman-says-global-auto-industry-faces-serious-overcapacity/ar-AA1Ggjy4 ]