Geely denies investing $2b in Indonesian factory

Gasgoo.com (Shanghai August 8) - Geely Automotive Holding Group denied recent media rumors that it would be investing $2 billion to expand production sites in Indonesia, nddaily.com reported today. The official rebuttal was made last Friday, where a Geely official said that the manufacturer was still discussing what to do with its Indonesian market.

The media has been full of reports recently that Geely was investing a large amount to develop its factories in Indonesia, in order to attract consumers in other ASEAN countries or even so far as Australia and New Zealand. The news got a lot of attention due to the over 70 billion yuan ($10.91b) debt that the manufacturer reportedly has.

Geely is currently planning to open a small knockdown assembly factory in the country with regional dealers. Geely Group's publicly listed subsidiary Geely Automobiles also denied the reports.