Geely

Geely is a Chinese automotive group that owns the Volvo and Lotus brands, among others. Founder Li Shufu is a billionaire and the largest single shareholder in Daimler. All Geely news is available from the Table.Briefings editorial team. What does Geely do? Li Shufu founded Geely in 1986 and initially produced inexpensive refrigerator parts. In the '90s, the company took over a failed state-owned enterprise that manufactured motorcycles. In 1998, it began producing a van. By 2020, Geely had already sold a total of 1.32 million cars. This represents a 2% increase over the previous year despite the coronavirus pandemic. In addition to building conventional vehicles, Geely also aims to play a leading role in the development and production of electric cars, thereby further advancing China's electric mobility. Collaborations with Chinese search engine giant Baidu and Mercedes from Germany are intended to facilitate market entry. Geely also owns Terrafugia, a manufacturer of flying taxis. The Geely logo Geely also owes its significance to its founder, Li Shufu. The name Geely is pronounced Jili. It means something like auspicious. The first Geely logo was also based on this. The six slanted columns on the oval are the tips of six sixes that merge into each other.The Chinese word for the number six is liù. There is also a saying that goes liùliù dà shùn. It expresses the wish that everything should run smoothly. In 2013, Geely changed its logo. Now, the Geely logo has the shape of a shield divided into six squares. The shield is intended to refer to the safety of the vehicles. The squares are colored blue and black, representing the sky and the earth. Geely subsidiaries The Geely Group has a number of subsidiaries under its umbrella. These include a total of seven companies. These brands belong to Geely: These brands are joined by the Geely New Energy Commercial Vehicle Group. This includes the London Electric Vehicle Company (LEVC) and Yuang Cheng Auto brands. LEVC is probably the best known. This is the world-famous London taxi. A brand that Zhejiang Geely Holding snapped up in 2013. Since then, the vehicles have been built exclusively with electric drives. Volvo and Lotus: Famous Geely investments In Europe, Geely is best known for its investments in Volvo and Lotus. This is mainly because Li Shufu supports the brands but allows them to operate independently. This preserves the European flair of the vehicles. At the same time, however, the world's largest car market is opening up. Geely also provides funding for research and development. Geely's takeover of Volvo in 2010 was spectacular. Experts feared a sell-off. But since then, the Swedish brand has been growing. Geely has strongly promoted the electrification of vehicles. Geely acquired Lotus through the back door in 2017. At that time, the British company belonged to Proton. Geely acquired a 51% stake in the Malaysian carmaker and took over the majority of Lotus. Who owns Geely? Geely is owned by Chinese entrepreneur and billionaire Li Shufu. He is the founder and CEO of the Chinese car company, and he is also chair of the board of directors at Volvo and the largest single shareholder at Daimler. With a fortune of around USD 19.5 billion, the self-made billionaire is one of the ten richest Chinese people. Since 2018, Li Shufu has also owned 9.7% of Daimler's shares. He paid around EUR 7.5 billion for this. However, cooperation between Daimler and Geely proved difficult at first. In the People's Republic of China, the Germans cooperate with Geely's competitors BYD and BAIC. Cooperation between Daimler and Geely Since 2020, however, Daimler has been developing a gasoline engine together with Geely. In addition, the Chinese and German companies have also founded the StarRides limousine service. The first joint car could be presented as early as 2021, or when the most important restrictions imposed due to the coronavirus pandemic have been lifted. Geely and Daimler have jointly developed an SUV based on Smart technology. The vehicle will be equipped with an electric motor. It could be available for purchase in Germany from 2022. The Smart SUV is to be built by Geely in China. In Germany, the Geely electric cars would then be sold by Smart or Mercedes. Geely Germany, surprisingly, but in line with the Smart plans, Geely announced in 2020 that the Chinese manufacturer would also have a branch in Germany in the future. Geely has opened an office in Raunheim. Seventy employees work for Geely Germany near Frankfurt am Main. The company is called Geely Auto Technical Deutschland (GATD). By 2023, a total of 300 people are expected to be employed by Geely Germany. However, there are no plans for a production site. Geely Raunheim will primarily focus on development work. The focus is on electric drives for premium vehicles. Like the Smart SUV. Buying a Geely in Germany? The Smart SUV will probably be the first opportunity to buy a Geely car in Germany. Other models from the manufacturer are not expected to be exported from the People's Republic of China to Europe for the time being. At least not in the traditional sense. However, Geely's Lynk & Co. brand is available in Europe and is also set to come to Germany in 2021.This is a subscription model. The Geely SUV-01 electric car can be rented for around EUR 500 per month. This includes almost all additional costs. Those who cannot afford or do not want to take out a subscription can also become members of the associated club without owning a Lynk car. Club members can then rent the car from subscribers for a fee, if they allow it. Volvo's dealer network will assist with sales. Cooperation between Geely and Baidu, another investment in the future, is the cooperation between Geely and Baidu. In spring 2021, the car manufacturer and Baidu entered into a partnership. The company operates the search engine of the same name. Baidu is the market leader in the People's Republic of China. Together with Geely, Baidu has founded the joint venture Jidu Auto. The aim is to conquer the market for electric cars. Geely and Baidu plan to invest a total of USD 7.7 billion by 2026. Up to 3,000 employees will ensure that the first electric car is sold in 2024. With its robotic look, it is intended to appeal primarily to younger customers. Subsequently, a new model is to be launched every 18 mos. Geely contributes its expertise and partnerships in automotive engineering. Baidu contributes its experience in the field of artificial intelligence and autonomous driving. All Geely news Financial experts believe that both Geely and Baidu will benefit from the joint venture. Jidu Auto helps both companies combine their respective strengths, and that in a highly competitive market. With Xiaomi and Huawei, there are other companies that want to gain market share with billion-dollar investments and joint ventures. The Table.Briefings editorial team provides all Geely news and news about electric cars in China.

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