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Geely is part of a sprawling auto empire owned by Zhejiang Geely Holding Group, No. 185 on Fortune’s Global 500 and founded by Li Shufu in 1986. Geely Automobile Holdings is the group’s Hong ...
In March 2020, Li was in talks to merge Volvo with Geely in a move to create a global automaker. Both Volvo and Geely were owned by Li's investment fund Zhejiang Geely Holding Group, but operated as separate entities. [10] In September 2022, Shufu's group acquired a 7.6% stake in Aston Martin. [11]
Geely was established in 1986 in Ningbo, Zhejiang by Li Shufu as a refrigerator parts manufacturer located in Taizhou, Zhejiang. To start the company, Li Shufu had to borrow funds from his family. [15] [28] In 1994, Geely transitioned into the motorcycle industry by acquiring a state-run firm, and started producing China's first scooter. [29]
Two sources in Geely and one source close to the company said a senior executive there, Li Yifan, had for more than a year led a small team tasked with acquiring shares in Daimler.
Geely and Guorun later created several other joint ventures. [20] In January 2004, Li Shufu bought controlling shares in Guorun, [20] and in March 2004, the company was renamed Geely Automobile Holdings Limited. [21] This strategy was seen as a "backdoor" entry into the Hong Kong stock market, providing a means for the company to raise funds ...
Although it was rumoured that Volkswagen would buy Volvo Cars, and despite initial denials, the company Geely Holding Group was ultimately selected to take over the Swedish automaker. [30] Geely Holding allegedly bid about US$1.5 billion to take over Volvo, with Goldman Sachs investing HK$2.59 billion (US$334 million) in the holding company.
Since 2019, Smart left Daimler AG and became a 50/50 joint venture with Geely. By unit sales, the Mercedes-Benz Group is the tenth-largest car manufacturer in the world; shipping two million passenger vehicles in 2021 [ 5 ] and by revenue the seventh-largest car manufacturer worldwide in 2023. [ 6 ]
The following is a list of vehicles under the Geely Auto Group business unit within the holding company Zhejiang Geely Holding. The list does not include vehicles from other brands owned by Zhejiang Geely Holding such as Volvo Cars , Polestar , Smart , Lotus , Livan Automotive and Farizon .