Geely to assemble vehicles in Vietnam

Agencies and staff reporter

Geely Auto (0175) is planning to assemble vehicles in Vietnam as part of a series of commitments worth nearly US$170 million (HK$1.32 billion) to expand production in the Southeast Asian country.

The Chinese auto brand will build a plant in Vietnam capable of producing 75,000 cars annually in a joint venture with Hanoi-based Tasco Joint Stock Company, Geely said yesterday.

The automaker will also invest in building out the local supply chain and establish an automotive research and development center.

The total investment in the project is likely to be around US$168 million.

In other news, Stellantis said on Monday it has begun a search for a candidate to succeed chief executive Carlos Tavares, whose contract is set to expire in 2026.

The automaker, however, added there was still a possibility of Tavares staying on longer.

Tavares has been under pressure to correct the automaker's struggling North American operations, with record falls in sales and profit that have sent the company's share price tumbling.

In addition, Tianqi Lithium (9696) vowed to continue its battle for a say in a planned deal to share ownership of one of the world's biggest lithium operations, a case the company sees as crucial for future Chinese investment in Chile.

Tianqi is a key shareholder in Chilean miner SQM, which earlier this year launched a landmark deal with state-owned Codelco that the lithium miner relinquishes a majority stake in its prized Atacama salt flat mine to Codelco in exchange for three more decades of operations.