Geely Auto is slashing operations to fend off fierce competition from BYD in China's car market. Company plans to cut excess production capacity through asset restructuring,sharpening its global edge. Chairman Li Shufu laid it out at Chongqing Auto Show Friday.
Li stressed Geely's focus on building a vertically integrated automotive group . He said,“Geely Auto is determined to achieve sound development by concentrating superior resources.” Strategy aims to make Geely a major force worldwide.
No word yet on how many plants or how much capacity will be cut. But it's big move for Hangzhou-based company. Geely's brands like Zeekr,Lynk & Co, and Galaxy might face consolidation or closure.
Restructuring aims to dodge price wars,focus on sustainable growth. Reflects broader push to improve governance and brace for future industry shake-ups…
