Geely Automotive Holdings (GELYF)

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GELYY News Geely Invited to Build Plants in Turkey.

Wednesday, October 20, 2010 6:14 AM

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News for 'GELYY' - (Geely Invited to Build Plants in Turkey)

HONG KONG, Oct 20, 2010 (SinoCast Daily Business Beat via COMTEX) -- The
officials of the Turkish government invite Chinese homegrown carmakers like
Geely Automobile Holdings Ltd. (SEHK: 0175) to build plants in the country,
revealed the Hong Kong-listed Company.

However, the director of public relations at Geely Holding Group discloses that
the carmaker temporarily has no plan to set up plants in Europe. In the future,
it will build more assembly plants abroad. However, it will consider more about
developing countries like Iran.

Currently, Geely has one dealer in Turkey, which set up 20 4S stores for the
Chinese company in the country. Among homegrown carmakers, only Geely and Chery
Automobile Co., Ltd. sell products to Turkey.

Because of the geological location and low labor costs, multinationals such as
Toyota Motor Corporation (NYSE: TM) and Hyundai Motor Company all have plants in
Turkey and set foot in developed countries in Europe.

Insiders point out that it is not easy for Chinese carmakers to foray into the
European market, which has strict requirements for the displacement of vehicles.
The top priority for them is to make products according with the rules and
standards of the European Union.



Source: www.163.com (October 20, 2010)



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KEYWORD: HONG KONG

INDUSTRY KEYWORD: Transportation & automobile

SUBJECT CODE: Automobiles

Automobile Dealing

SinoCast China Business Daily news

carmaker

plant

Europe

Turkey

Iran

Hong Kong

Source: Comtex Wall Street News