Geely gears down expansion plan

Zhejiang Geely Holding (Group), the parent of listed Geely Automobile Holdings, China's largest private carmaker, revealed that this year's scheduled massive expansion of Geely Auto's Shanghai and Ningbo operations adding 350,000 units to annual capacity had been delayed. Despite a generally flat market, Geely's economy lines have sold well, the company saying it was targeting 24.1% sales growth, to 120,000 units, in 2005, after 27% YoY growth in 2004.