Geely will build more vehicles in Europe using existing plants owned by Volvo Cars as the Chinese group’s founder warned of “very serious” overcapacity in the global car industry.
The group’s move is in contrast to Chinese rival BYD, which is building new factories in international markets.
Li Shufu, founder of Geely Holding, which owns Volvo Cars, said the group needed to “embrace” all opportunities for collaboration in the face of geopolitical tensions and an end to an era of globalisation.
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