Li Shufu, the billionaire chairman of Geely Holding Group and the man who bought Volvo Cars from Ford for $1.8 billion in 2010, has arrived at a conclusion that many of his peers in the global automotive industry have been slower to reach: the world has too many car factories, and building more of them is a waste of money. In a statement reported by Bloomberg and the South China Morning Post, Li said Geely would no longer construct new production facilities anywhere in the world, and would instead lean on existing plants, particularly those belonging to Volvo Cars, to…