Volvo Cars Chairman Li Says China Should Lift Foreign Cap

Li Shufu, the Chinese billionaire chairman of Volvo Cars, said China should allow foreign carmakers to control their operations in the world’s largest auto market to encourage competition and bring down prices.

“We should let the market decide and form real competition between Chinese companies and foreign companies,” Li, 50, who is also chairman of Volvo Cars’ parent, Zhejiang Geely Holding Group Co., told reporters at a briefing in Beijing yesterday. “The interests of the consumers and the competitiveness of the country are being undermined with the current setup.”