Billionaire chairman says mainland China’s second-largest carmaker will focus on improving technological capabilities
Chairman Li Shufu told the Chongqing Auto Show over the weekend that the company would avoid building excess capacity and instead focus on improving its technological capabilities to become a key player in the future of mobility.
“The global automotive industry is mired in severe overcapacity woes, [so] we have decided to stop building new car plants,” he said in a video clip posted online.
Chinese carmakers’ discounts more than doubled to a record 16.8 per cent in April from 8.3 per cent in 2024, according to a JPMorgan Chase report in May.
