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Geely to set up a new plant in Brazil

Nov. 28, 2012 (China Knowledge) - Geely Automobile Holdings Ltd<0175>, the listed unit of China's largest privately-owned carmaker Zhejiang Geely Holding, will set up a new auto plant in Brazil's Santa Catarina, Veja magazine reported.

With a total investment of nearly US$311 million, the plant will have an annual output capacity of 100,000 units.

The new plant is expected to start operation in 2015 and will produce two or three models.

At present, Geely had set up ten auto plants in overseas market, including Russia, Saudi Arabia, Egypt, Ukraine, Uruguay and Indonesia.

In the first ten months of this year, Geely Automobile saw its auto export exceed 81,000 units, 190% more than in the same period of last year, China Knowledge reported earlier.

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