China's Geely to Build Auto Venture in Russia

Nov. 26, 2007
2008 production target of 10,000 vehicles

Geely, a Chinese homegrown private car maker, said Nov. 26 it would set up a production joint venture in Russia, in an apparent revival of a business after a plan was shelved last year. Last December Geely announced it would supply auto parts and technology to assemble its cars in a Russian factory, but the proposal was grounded when Russia stopped approving foreign assembly lines in September.

"This is another (plan)," Chen Xihui, an executive at Geely headquarters in eastern China's Hangzhou city said.

Chen declined to give further details, but a report on Nov. 23 by the state-run Shanghai Securities News said that the company aimed to kick off production in 2008 with a target output of 10,000 vehicles.

Geely, one of China's smaller privately funded auto makers that has managed to make its mark in the cutthroat domestic industry, wants to expand overseas with plants in Central America and Africa. It is currently in talks with local partners about selling cars there, which could be secured in 2008, according to the newspaper.

Earlier this month Geely signed a deal with the Rolf Group of Moscow to sell an average 30,000 cars in Russia every year, according to the official Xinhua news agency. It aims to double its overseas sales to 20,000 cars this year.

Copyright Agence France-Presse, 2007

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!