Date
17 December 2017

Geely gets US$3.23 bln credit facility, WSJ says

Zhejiang Geely Holding Group Co. Ltd. has secured a 20 billion yuan (US$3.23 billion) credit facility from The Export-Import Bank of China, which the carmaker intends to use primarily for overseas expansion, the Wall Street Journal reported Wednesday. Geely aims to increase the share of its own vehicles in the company’s total sales to 30-40 percent over the next five years, from about 20 percent at present, Geely spokesman Victor Yang was quoted as saying. To do that, Geely needs to invest in new plants, finance dealers and build up overseas logistics networks, Yang said, adding that the company is building a plant in Belarus and considering another one in Brazil. Geely bought Sweden’s Volvo Car Corp. in 2010, the report said.

– Contact HKEJ at [email protected]

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