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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.
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 ...
Volvo Group (6.8% stake) In 2017, Geely acquired an 8.2% stake of Volvo AB, which is also about 15% of votes. [132] [133] In January 2024, Geely announced to reduce its holdings in Volvo Group by 685 million USD. The stake has been lowered from 8.2% to 6.8%. Despite the reduction, Geely remains the second-largest shareholder in Volvo Group. [134]
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 ...
Hangzhou-based Geely, which also owns a 9.7% stake in Daimler, said earlier this year it was considering options for Volvo, including an IPO and stock market listing.
Volvo Cars will merge its engine development and manufacturing assets with those of parent Geely, creating a division to supply in-house brands Lotus, LEVC, Lynk and Proton, and also potential ...
Geely transferred its 11.3% stake in Zeekr Intelligent Technology (Zeekr) to Geely Automobile Holdings (Geely Auto), increasing Geely Auto's ownership in Zeekr to 62.8%. [ 48 ] [ 49 ] Zeekr then acquired a 20% stake in Lynk & Co from Geely Auto for 3.6 billion yuan and an additional 30% from Volvo Cars for 5.4 billion yuan, securing a 51% ...
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