Geely: No Plans to Buy Bentley

China’s Zhejiang Geely Holding Group says it has no plans to buy Bentley from Volkswagen Group, countering reports last week to the contrary.

Yang Xueliang, vice president of Geely Automobile, tells reporters there is “nothing” to the acquisition rumors.

Geely has purchased all or part of several foreign brands in recent years. The Chinese carmaker bought Volvo Cars in 2010 and in 2018 acquired large stakes in Malaysia’s Proton Holdings Bhd. and that company’s Group Lotus unit in the U.K. Geely also is the largest shareholder of Daimler, with a nearly 10% stake.

Bentley lost about €290 million ($321 million) in 2018. The luxury marquee’s global sales slid nearly 14% to just over 9,100 vehicles last year.