- Created on Friday, 26 October 2012 12:52
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China’s number 3 Car Manufacturer Geely, the Fortune 500 Chinese automotive multinational is to establish an assembly and manufacturing plant in Hambantota. Geely now owns 100% of Sweden’s Volvo and part produces the famed London’s black taxi cabs.
Geely is to partner with Micro Cars Company of Sri Lanka in this venture and an in depth discussion in this connection has been held with the Minister of Industry and Commerce. Rishad Bathiudeen with the participation of the special investment team of Shanghai’s Geely International Corporation led by Martin Xiang, Director of Geely.
The $ 23.3 billion U.S.Dollar Geely entered the Fortune Global 500 list at 475 last July and is considered as one of China’s fastest growing car makers. Geely also owns the Australian automatic transmission supplier Drivetrain Systems International. Apart from China, it also has production bases in Russia, Ukraine and Egypt.
Martin Xiang, Director of Geely has told the Minister that Sri Lanka has become a key market but more importantly, a manufacturing hub in the South Asia for car makers, especially due to its strategic placement. He has said that they want to use Sri Lanka as their production hub and to export to South Asia and the Far East from Sri Lanka. He has also said that initially they are considering an assembly line with 20 million U.S.Dollars in shared investment with Micro Cars.
The establishment of the factory is to start mid 2013 and Phase I is to be completed by end of 2014 and the first car is to be rolled-out in January 2015. (niz)