Geely looking for foreign partner

Geely Automobile Holdings Ltd. -- a Chinese automaker -- has announced that it is looking to partner with a foreign car and parts maker, including Japanese ones. Geely is looking to expand in order to take advantage of growth opportunity outside of its domestic market.

"We started off building and selling cheap cars, but now we are changing," said Geely chairman, Li Shufu. "We are very, very eager to form alliances."

According to Automotive News, Geely is one of China's few privately run automakers and is planning to double capacity by next year. In addition, Geely also has plans to build production facilities in North America and Europe in order to expand beyond its home market. "We have great respect for Japanese automakers and want to cooperate with them," Li said. Geely hasn't ruled out a partnership with other countries' manufacturers.

Geely will be one of five Chinese automaker to attend January's Detroit Auto Show.