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Geely to set up production unit in Mexico, company president says
Shanghai. January 15 (Gasgoo.com) - Chinese carmaker Geely Automobile Holdings Ltd plans to build an assembly plant in Mexico with a local partner to make U.S.-specific models to enter the world's biggest auto market, the company’s president Li Shufu said on Monday.
Geely and its partner will initially invest $500 million in the factory, which will have an initial capacity of 50,000 units and eventually may be expanded to 300,000, Li Shufu said in an interview with Bloomberg News yesterday at the North American International Auto Show in Detroit.
Geely will build a medium-sized car for the U.S. market, which will be offered as a hatchback or sedan, Li said, but offered no details. Li also neither disclosed who the company's partner in Mexico will be nor did he offer a timetable for this project, according to the Bloomberg report.
Geely hopes to boost its market share through expanding in the oversea market. Last year Geely sold 181,500 vehicles, far short of its initial target. However, the automaker aims to sell 230,000 units, an increase of 27 percent from the 2007 sales.
Beside Geely, China FAW unveiled plans to build a $150 million plant in Mexico's Michoacan state with Grupo Elektra SAB, the country's largest electronic-goods retailer, in November.
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