China's biggest private automaker Geely Group is planning to build its first overseas factory in Malaysia, the media reported today.

Geely, based in eastern China's Zhejiang province, will sign a deal with Malaysian partner Alado Corp later this month, Geely spokesman Zhang Xiaodong told the Shanghai Daily.

The Malaysian plant will make existing models as well as new vehicles to be launched at a later date, he said.

The move is part of Geely's strategy to expand outside of China's oversaturated auto market.

Company president Li Shufu has previously said that Geely plans to export two-thirds of its China production in the future.

Zhang did not say how many models the Malaysian plant would produce. Other reports have put annual capacity at 20,000 units, assembled with parts imported from China.