SHANGHAI, June 7 (Reuters) - Geely's chairman

and founder Li Shufu said on Saturday that the global automotive

industry was facing "serious overcapacity" and that the Chinese

automaker had decided not to build new manufacturing plants or

expand production in existing facilities.

Li made the comments at an auto forum in the central city of

Chongqing, according to the company. Geely Holding owns multiple

automotive brands including Geely Auto, Zeekr

and Volvo.