China’s Geely Auto to slash excess capacity amid overhaul to boost carmaker’s global edge
Company chairman eyes plant mergers and a formal succession road map as the firm rejects price wars to focus on international growth in rivalry with BYD
Geely Auto, which is locked in a fierce battle for dominance against BYD in China’s crowded automotive market, has pledged to purge excess capacity through an asset restructuring while ramping up its go-global drive with an eye on greater international competitiveness.
“Geely Auto is determined in its resolve to achieve sound corporate development by concentrating our superior resources on a vertically integrated automotive group,” he said in a video clip posted online. “By doing so, we will transform Geely into a strong and large carmaker with advantages in systemic development, corporate governance and global competitiveness.”