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Li founded Geely in November 1986; it is now the second-largest private automobile manufacturer in China. [4] On 28 March 2010, Geely signed a deal worth US$1.8 billion to buy Swedish automobile manufacturer Volvo Cars from American automobile manufacturer Ford Motor Company. [5] It was the largest foreign purchase by a Chinese car manufacturer.
Geely was reported to have approached Ford in mid-2008 about a possible takeover of Volvo Cars. On 28 October 2009, Ford named Geely the preferred buyer of Volvo Cars. [13] [14] On 23 December 2009, Ford confirmed that all substantive commercial terms for the sale to Geely had been settled. Geely signed a deal with Ford to acquire Volvo Cars ...
STOCKHOLM/BEIJING (Reuters) -Volvo Cars has struck a deal to buy out parent company Zhejiang Geely Holding from their joint ventures in China, in a move that could make a potential initial public ...
Lynk & Co (Chinese: 领克) was established in 2017 that uses technology developed jointly by Volvo Cars and Geely Auto. [113] Before 2024, It was owned 50% by Geely Auto, 30% by Volvo Cars, and 20% by ZGH. It currently 51% owned by Zeekr and 49% owned by Geely Auto after restructuring.
Because Zhejiang Geely Holding already owns Volvo Cars, a stake in truckmaker AB Volvo (VOLVb.ST), and 49.9 percent of Malaysian automaker Proton, German executives fear any wide-ranging ...
China's Geely Automobile and its Swedish sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric ...
According to Geely designer Peter Horbury, the intention was "to position it between Volvo and Geely as a so-called 'near premium' brand". [10] In August 2017, Zhejiang Geely Holding, Geely Automobile Holdings and Volvo Car Group signed an agreement at Geely Auto's Hangzhou Bay R&D Center to establish the Lynk & Co joint venture. Under this ...
Shares in Volvo Cars tumbled as much as 13% Friday to hit a record low after its biggest shareholder Geely sold part of its stake at a discount to the market value.