CHINA: Geely plans five-fold production increase
Chinese private car maker Geely has announced plans for a fivefold increase in its production by 2007, which would entail raising accumulated output to one million cars within the next three years, according to Access Asia.
Geely, formed only in 1998 and owned by Chinese tycoon Li Shufu, sold over 40,000 cars during the first four months of this year and is aiming for 165,000 cars this year.
Geely is also set to launch a new model, the CK-1, designed by South Korea's Daewoo International Kaisha, in the second half of 2004. Other design deals are also in place with Germany's Luc Co and the Italian Car Projects Group.
The company has four manufacturing bases in Zhejiang and Shanghai and originally planned total annual capacity of 650,000 cars by 2007.