Geely Says No Pressure From Government to Buy Local Auto Chips.

ZHEJIANG Geely Holding Group Co. Ltd.; ELECTRIC vehicle industry; LOCAL government; CORPORATE profits

Geely, a Chinese automaker, has denied claims that the Chinese government is pressuring electric vehicle manufacturers to increase their purchases of chips from local suppliers. Geely's President, Andy An, stated that automakers in China can source chips from wherever they choose. While Geely currently uses Nvidia chips for some of its cars' intelligent driving features, it is also exploring domestic chip suppliers. The Ministry of Industry and Information Technology had reportedly encouraged automakers to increase their use of Chinese chips, but An emphasized that companies are still making independent decisions in this regard. Geely reported a 1% increase in net income for 2023 and reiterated its sales goal for 2024. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)