Archive for the ‘Geely’ Category

Geely Chief Denies Family Ties to China’s President

Li Shufu looks to avoid charges of favoritism.

by on Oct.19, 2018

Geely Chairman Li Shufu sought to eliminate speculation about familial ties and special treatment by China's president.

Geely Automobile Holdings Ltd has moved to end speculation that its entrepreneurial chairman, Li Shufu, has benefited from political ties to China’s President for life, Xi Jinping.

Li Shufu, who is increasingly active in the global automotive industry, has moved to address the long-standing speculation that his wife was related to Chinese President Xi Jinping.

Business News!

The carmaker, which owns a stake in Germany’s Daimler and the firm that makes London black cabs as well as Volvo Cars, disclosed in a filing the name of his spouse was Li Wang, and she jointly held 4.9 million shares in the firm.  (more…)

Volvo Backs Out of IPO Due to Trade and Market Conditions

Trump's ongoing tensions with China and Europe push decision.

by on Sep.10, 2018

Volvo Chief Executive Hakan Samuelsson said that trade tensions between the U.S. and China as well as the EU were one reason to halt its IPO.

President Donald Trump’s seemingly ongoing trade war with, well, everyone as well as a less-than-robust period for auto stocks has forced Volvo Cars to put off its initial public offering — for now, anyway.

Volvo Cars, which is owned by China-based Geely, previously announced it was considering the IPO to help raise funds for additional research and expanding of production. However, the current trade tensions between the U.S. and China as well as the European Union has forced a rethink.

News Now!

“We’ve come to the conclusion that the timing is not optimal for an IPO right now,” Volvo Chief Executive Hakan Samuelsson told Reuters by telephone on Monday.  (more…)

Geely Sales in China Growing Fast

Automaker rises to No. 3 in China.

by on Aug.23, 2018

Geely is already marketing products like the Emgrand EC7 in Europe, making it the world's largest Chinese automaker.

Geely Automobile Holdings Ltd., which is rapidly emerging as one of China’s top automotive companies, saw its sales increase by 44% in its home market during the first half of 2018, the company reported.

The company reported that it sold 766,630 vehicles between January-June, and is the best-selling Chinese automaker globally, according to automotive data website Focus2move. The firm sold 1.2 million cars in 2017.

Global News!

Geely also said it was very confident of meeting or exceeding its full year sales volume target of 1.58 million units for 2018, as it plans to introduce five new models in China this year and expand its presence in Southeast Asia where demand for new vehicles is growing steadily. (more…)

Geely Readying to Plow $1.9B into Lotus Expansion

Could a Volvo-based crossover be in the works?

by on Aug.10, 2018

Geely is rumored to be ready to grow the Lotus brand, giving the Evora a crossover sibling or two.

Geely appears ready to expand its sphere of influence once again. The parent company of Volvo and major shareholder of Daimler AG is rumored to be examining the viability of putting $1.9 billion into sports car maker Lotus.

Holding 51% of the ownership stake, Geely is considering growing the company’s physical and intellectual presence in England with the idea of adding to the brand’s product line-up, including a crossover or smallish SUV, Bloomberg reported.

The Last Word!

Geely isn’t just looking to increase the size of the brand, it wants to expand the size of its ownership stake. It’s buying shares from Etika Automotive, which owns the other 49% of the company. (more…)

Volvo Hopes to Electrify Customers – and Investors

All-electric models now expected to generate half its sales by mid-2020s, with 1/3 self-driving.

by on Jun.08, 2018

The Volvo 40.2 Concept hints at what's coming with the marque's first all-electric vehicle.

Volvo took a lead in the push into electrification last year, announcing it would use some of battery-based drive system on all future products, whether mild, conventional or plug-in hybrids, or pure battery-electric. And, last January, it gave us a hint of what that first BEV would be with the debut of its 40.2 concept.

The production version will follow in 2019 and, if Volvo’s latest forecast is any indication, so will plenty of other all-electric models, as the Swedish automaker now says it wants them to generate half of its sales by mid-decade.

Plug In!

The mid-term plan Volvo is laying out is nothing if not ambitious. It also predicts that half of the Chinese-owned automaker’s sales will come from self-driving vehicles, and that half of its volume will come through its Care by Volvo subscription service, rather than conventional sales and leasing. Oh, and add a goal of boosting volume – and profitability – to match other premium manufacturers.

(more…)

Chinese Automakers Eyeing International Roles

GAC, Geely looking to make an impact globally.

by on Jun.06, 2018

Geely Chairman Li Shufu purchased 9.7% of Daimler AG for $9.2 billion, and expects to partner with them on electrification..

Guangzhou Automotive Corp. or GAC, one of the largest automotive enterprises in China, still plans to move ahead with plans to export vehicles to the United States in 2019 or 2020, a top GAC executive told the annual Global Automobile Forum in Chongqing, China.

Meanwhile Li Shufu, the entrepreneur who developed Holding Group and recently bought 9.9% of Daimler AG, said he expects to collaborate in the future with the German automaker.

News Now!

Li Shao, GAC vice president, said GAC is fully committed to becoming an international company. The objective of becoming an international company was one of the company’s objectives when it was first organized back in the 1980s, Li said. But very from the very beginning, GAC’s management understood it had a great deal to learn if it wanted to succeed and it also had to do well in China, Li said. (more…)

Geely’s Li Shufu Says Partnerships Key to Auto Success

Team up or get swallowed up.

by on Apr.17, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Geely owner Li Shufu urged Daimler AG, in which he recently became one of the largest shareholders, to consider further strategic partnerships.

Global News!

Li Shufu, who is also the owner of Volvo, recently became a major shareholder of Daimler after acquiring a 9.69 % stake in the Stuttgart-based company. (more…)

Daimler’s Zetsche Talks About Future With New Investor

Geely's Li Khufu is Daimler's largest investor, which may foster new deals.

by on Apr.05, 2018

Daimler AG's Dieter Zetsche discusses the company's future during its annual shareholders meeting.

Daimler AG continues to enjoy record success even as it spends heavily on new investments to prepare the company to meet future challenges in an auto industry that is changing quickly and dramatically even as it adjusts to new shareholders.

Daimler CEO Dieter Zetsche also moved quickly at the beginning of the company’s annual shareholders meeting in Berlin to head off questions about the investment of Li Shufu, the Chinese entrepreneur who recently acquired approximately 10% of Daimler’s shares.

Global News!

“I’d like to start by saying our talks with Li Shufu have been very positive,” Zetsche said. “He wants to have a long-term investment with Daimler and he supports our successful strategy,” said Zetsche, adding that future collaboration with Li Shufu’s automotive empire, which includes Geely, the Chinese company he founded, and Volvo, is a possibility. (more…)

Geely Chairman Shufu Shaking Up Auto Industry

Daimler may have gained a new strategic partner.

by on Feb.26, 2018

Geely Chairman Li Shufu, left, and Volvo CEO Stefan Jacoby after Shufu signed the papers to take the majority interest in Volvo Cars.

Daimler AG and its principal Chinese partner, BAIC, plan to invest almost $2 billion in a state-of-the-art factory in China, even as Li Shufu, the ambitious entrepreneur, who has made Geely into an automotive power begins to digest his purchase of a 9.7% stake in the company.

Adding to the intrigue, Daimler and BAIC, the company built around Beijing Jeep and a key Geely competitor, plan to use the money to revamp a factory they jointly own to build both Mercedes-Benz luxury and electric vehicles from Mercedes new line of electric vehicles.

An Electrifying News Source!

The investment was clearly planned prior to Li Shufu’s dramatic disclosure he had quietly acquired 9.7% of Daimler AG’s shares. The Chinese entrepreneur, who has built his company into the largest privately owned auto company in China, also hinted that he was prepared to acquire more shares even as he prepared to visit Germany for a round of talks with Daimler executive in Stuttgart and officials from the German government in Berlin. (more…)

Geely Buys 9.7% of Daimler AG for $9.2 Billion

Chinese company now Daimler's largest shareholder.

by on Feb.23, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Li Shufu, Geely’s chairman and majority owner, continues to sample different flavors from the automotive industry buffet, spending $9.2 billion for a 9.7% stake in Daimler AG.

The purchase, which was revealed in a regulatory filing, makes Shufu Daimler’s largest single shareholder ahead of the Kuwait Investment Authority, which holds 6.8%. Nearly 71% of Daimler shares are held by institutional holders, like Shufu.

The Last Word!

“We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler’s innovative prowess, strategy and future potential,” a Daimler spokesperson told Reuters. “Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking.” (more…)

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