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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]
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 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]
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 ...
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 ...
Li Shufu: 61 23.7 +US$4B: The chair of Geely [10] 9: 67 Jack Ma: 61 22.8-US$25.6B: The co-founder of Alibaba Group [11] 10: 79 Huang Shilin: 57–58 20.3 +US$7.4B: The vice-chairman of CATL [12] 11: 82 Pang Kang: 68–69 19.6-US$6.8B: The chairman of Foshan Haitian Flavouring & Food Co [13] 12: 83 Wang Chuanfu: 57–58 19.5 +US$3.2B: The co ...
Li Shufu of Chinese automobile manufacturer Geely took a 9.69% stake in the company, through Tenaciou3 Prospect Investment Limited, in February 2018, making it the company's largest single shareholder. [3] Geely is already known from its ownership of Volvo Car Corporation.
Li Shufu became Volvo Cars' chairman of the board. His board members include vice-chairman Hans-Olov Olsson, a former president and chief executive of Volvo Cars, and Håkan Samuelsson, formerly chief executive of MAN. [40] Under Geely ownership, Volvo has refocused its product lineup.