Li Shufu: The automotive industry has "serious overcapacity" The automotive industry has "serious overcapacity"

On June 7th, Li Shufu, Chairman of Geely Holding Group, stated at the 2025 China Automobile Chongqing Forum that the global automotive industry is facing "serious overcapacity." The company has decided not to build new automobile production plants or expand the capacity of existing plants. Li Shufu mentioned that Geely will not engage in redundant construction but will fully utilize the global surplus capacity, seeking to expand pragmatic cooperation and resource restructuring to the greatest extent possible. This approach not only leverages a mature quality assurance system and skilled technical workers but also improves the utilization rate of excess capacity among peers, participating in global market competition in a friendly manner