Geely chairman says global auto industry facing 'serious overcapacity'
SHANGHAI, June 7 (Reuters) - Geely's (GEELY.UL) chairman and founder Li Shufu said on Saturday 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 (0175.HK), opens new tab, Zeekr (ZK.N), opens new tab and Volvo (VOLVb.ST), opens new tab.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
3 hours ago
- The Sun
I jetted to China to furnish my UK house – for £1k I got a king-sized bed, mattress, tables, chairs and MORE
A YOUNG woman has jetted off to China to furnish her UK house. Shirley Bekker took to social media to share her experience, leaving people stunned by just how affordable it was. 2 She decided to spend six days in Foshan, China, to find furniture for her new house. And it seems to have worked in her favour; not only does she cut out the middleman by going to the manufacturers directly, but she was also able to get her furniture customised to her liking. Shirley spent the day looking for furniture for her bedroom and managed to kit it out for just £1,000. First, she looked for the ideal mattress to take home along with a bedframe. She ended up finding both and was able to customise the colour of the bedframe. In total, the two pieces cost her just £350. Next, she spotted a large chair and foot stool for her bedroom to match her new bed frame. "Shirley almost choked on her own saliva when the man said £185 for the set. But she quickly calmed down," the video read. "After reverse search imaging the chair, it revealed that the chair alone costs thousands of pounds in the UK. Eventually, she shook hands at £165." Next, she found a dressing table and chair that she was also able to customise for £170. Shoppers urged 'not to blink' and get their hands on Home Bargains garden essential that sold out fast last time and it makes your garden extra cute - TikTok homebargainsofficialuk While she was meant to be shopping for her bedroom, Shirley got distracted with the outside furniture and picked up an egg chair for just £45. She also bought a table and chair set for outside as well as a TV stand. "I spent £1000 today and managed to buy: king-sized custom bed, perfect mattress for my back, egg chair, Bistro table and chair, TV table, 6 handmade ceramic pots, dressing mirror, Japanese style chair and pouffe," added Shirley. The clip went viral on her TikTok account @ shirley_bekker with 319k views and 47k likes. People were quick to share their thoughts and were eager to try it for themselves. One person wrote: "Ok I've seen enough… anyone wanna go China and go halves on a shipping container to the UK???" Another commented: 'How much to ship to the UK? Cos I'm gonna need to book a flight to China." "Oh so we're being ripped off real bad here in the UK," penned a third. Meanwhile a fourth said: "This is crazy. I might make a trip too." "I have never been so influenced to go to China,' claimed a fifth. Someone else added: '£350 for the whole bed is insane."
Auto Blog
3 hours ago
- Auto Blog
Mate Rimac Plans BMW E30 V10 Restomod, But Not Anytime Soon
It all started with an E30 BMW, and now the electric entrepreneur wants to shove a gas V10 into it. Electric Hypercar CEO Still Has a Soft Spot for the E30 Mate Rimac's path to fame and electric hypercardom started as a teenager racing an E30 BMW 3 Series, and it's been quite the story to follow. His Concept One electric supercar first put him into the international spotlight, and the current-day Nevera hypercar has set many records in its wake. But his love for the E30 has remained strong, and his ultimate E30 restomod isn't an electric one, but a V10-powered beast. All Roads Lead To E30 When the engine of the E30 BMW he raced blew up, he converted the gas powertrain to an electric one in 2008 when he was barely 20 years old. He founded the Rimac Group, and now he's also the CEO of Bugatti Rimac. His meteoric rise to stardom makes him one of the preeminent people in the automotive industry at only 37 years of age. Yet, it seems, his love affair with the E30 has not dimmed one bit. Why Rimac's Personal E30 M3 Is Too Rare to Modify Mate owns a 1990 E30 M3 Evolution III, one of only 600 cars made, and one of the rarest and most special E30s ever, right up there with the highly collectible M30-powered South African 333i, of which only a little over 200 were ever made. The Rimac boss is unlikely to molest his pristine M3, so his V10 engine will likely be shoved into a dedicated project car. He's been tight-lipped about exactly what engine the V10 will be, though. Surely the high-revving S85B50 found in the E60 M5 and E63 M6 will satisfy the requirements for a lightweight NA V10, while keeping it all nicely BMW in the process? We can't be sure, but it would make the most sense. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Rimac Says Restomod Will Have to Wait While the internet is getting all riled up about Mate Rimac's V10 E30, let us remind you that it's just an idea in his mind right now. He is preoccupied with running his automotive empire and possibly expanding into robotaxis, so there's hardly a spare minute to spend on painstakingly constructing an epic BMW restomod. He sees it as little more than a retirement project at the moment, so we might be in for a long wait. About the Author Cobus F. Potgieter View Profile
Auto Express
3 hours ago
- Auto Express
Gran Turismo welcomes 1,500bhp Xiaomi SU7 Ultra in new update
The Nurburgring lap record holder for four-door cars is coming soon to Gran Turismo following a partnership between the long-running racing video game franchise and Chinese tech and car firm, Xiaomi. Announced at the London leg of the GT World Series e-sports championship, the new deal will see players able to digitally get behind the wheel of the 1,526bhp Xiaomi SU7 Ultra, complete with its extreme aero and up to 2.36G of braking performance. Advertisement - Article continues below If the Xiaomi name rings a bell but you're not sure of where you heard it, the Chinese tech conglomerate is best known for its range of smartphones. However, the firm made a shift in 2021 to also start producing cars, with its first model being the aforementioned SU7 saloon. Despite currently only being sold in China, the SU7 Ultra has garnered worldwide recognition for its Nurburgring lap record time of 6:46:87, something that caught the attention of Gran Turismo developers, Polyphony. Speaking to Auto Express, series founder and producer, Kazunori Yamauchi, said he was surprised by the SU7's performance when he recently tried it out on track, stating he had to 'rewire his brain' to deal with the G forces at play. 'There's not many companies in the world that seem to enjoy making cars as much as [Xiaomi],' Yamauchi-san remarked. 'I wasn't very familiar with the Xiaomi brand until now, but you can tell from the presentation, the level of knowledge they have and their curiosity that they love what they do.' The team at Gran Turismo say they're endeavouring to replicate the performance of the SU7 accurately in-game. That said, this latest addition to GT7's 536-strong car line-up is still in development, likely reaching the hands of players in the next game update which is expected to arrive in the near future. A so-called 'Vision Gran Turismo' digital concept car is also said to be on the way as an embodiment of Xiaomi's design and technical ambitions. Such a collaboration with Gran Turismo is a huge milestone for Xiaomi, which plans to enter the worldwide car market by the end of 2027. Entering the eye of European audiences through the lens of a video game like Gran Turismo should help drum up enthusiasm for the brand which, at the moment here in the UK, is a relatively unknown entity to many.
