The global auto industry is facing serious overcapacity, prompting manufacturers to review their expansion plans, said Li Shufu, Geely's chairman. Against this backdrop, Geely has announced it will not build new factories or expand production at existing ones

Li Shufu, chairman of Geely, said the auto industry is facing serious overcapacity, forcing companies to rethink their strategies. Geely, a major Chinese automaker, announced it would stop building new factories and expand production at existing ones, following a price war in China. The company will use Renault's facilities in Brazil and take a minority stake in its operations, despite regulatory delays.