Geely chairman says global auto industry faces ‘serious overcapacity'
[SHANGHAI] Geely's chairman and founder Li Shufu said on Saturday (Jun 7) that the global automotive industry was facing 'serious overcapacity' and that the Chinese automaker had decided not to build new manufacturing plants or expand production in existing facilities.
Li made the comments at an auto forum in the central city of Chongqing, according to the company. Geely Holding owns multiple automotive brands including Geely Auto, Zeekr and Volvo.
His comments come as the Chinese auto industry, the world's largest, has been locked in a brutal price war that is forcing many players to look to markets abroad and has prompted Chinese regulators to call for a halt.
Chinese automakers that have been building plants abroad include BYD, Chery Auto and Great Wall Motor.
Geely is planning to use French automaker Renault's existing production facilities in Brazil and take a minority stake in Renault's business in the Latin American country, according to an announcement it made in February.
Reuters reported in April, citing sources, that Chinese regulators had delayed approval for that. Geely said in response at the time that its cooperation with Renault in Brazil had been successful. REUTERS
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Straits Times
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Le Mans and F1 in same year? Too much now, says Hulkenberg
Le Mans and F1 in same year? Too much now, says Hulkenberg MONTREAL - Nico Hulkenberg raced in the 24 Hours of Le Mans a decade ago when the Formula One calendar allowed it, and came away a winner with Porsche. The German could not do that now, with the 93rd edition of the French endurance race clashing with this weekend's Canadian Grand Prix where Hulkenberg, now 37, will be on the starting grid with Sauber. There will be another overlap next year but even if there was not Hulkenberg says trying to do both would be too much today. "I think everyone was a lot less busy (in 2015), you know, than now," the German, who finished fifth in Spain two weekends ago, told Reuters in a recent interview. "Twenty-four races, all the stuff in between, it's a full-time job. I can only talk for myself but, personally, I wouldn't want the extra gig at the moment. I'm fully focused on F1 and for me, I'm happy that way." Hulkenberg, now one of only two fathers on the F1 grid along with Max Verstappen, was with Force India in 2015 when he got the chance to race Le Mans. The sportscar race chooses its winners, they say, and that weekend he hit the jackpot along with fellow rookie Earl Bamber of New Zealand and Britain's Nick Tandy. Hulkenberg had raced in Canada the weekend before with F1 and went on to Austria immediately after. "It definitely took some time to first understand the car and get a grip on it and properly get the lap time out of it," he recalled. "I was still improving and understanding, I was clicking only really in the night of the race. "To jump back into Formula One I think was not a problem, because there was so much positivity after a race like this. I remember jumping into Austria and I was owning it and I was boss. It was no problem going back." The German's Formula One career has taken him from Williams in 2010 to racing for Aston Martin's predecessors Force India and Racing Point as well as Sauber, Renault and Haas with some gaps in between. "Why am I still here?," asked Formula One's only current German driver. "Because they still want me." Hulkenberg holds the record for most Formula One races without ever standing on the podium but that is also testament to his enduring worth as a driver with engineering and setup skills as well as speed. His 236 starts are way more than the next man on the list without a podium, retired fellow-German Adrian Sutil on 128. On the plus side, Hulkenberg has two fastest laps and a pole position and next year will be in at the start with the Audi factory team when Sauber is renamed. "I still love what I do. You know, Formula One and racing is my passion. It's what I do best, it's what I love. What else should I do?," he said. "I think it's the competition, you know, the thrill of qualifying, the buzz of a race, kicking ass but even the bad days -- just the racing, everything. I love that." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
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Canadian G7 summit gears up around geopolitics
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Business Times
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Nvidia marks Paris tech fair with Europe AI push
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