Geely Automobile Holdings plans to spend US$500m on a car assembly plant in Mexico, in a bid to enter the US market.
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Parent company Geely Holding Group has signed a cooperation memorandum with a Mexican company to jointly build an industrial park including a car plant with an annual production capacity of 300,000 units, China Knowledge Press said.
The investment would be one of Geely’s largest overseas. Parts suppliers would share the industrial park with the car plant as is common with such new investments today.
