Geely (officially Zhejiang Geely Holding Group Co., Ltd) is a privately held global automotive group headquartered in Hangzhou, Zhejiang province. The group was established in 1986 and entered the automotive industry in 1997 with its Geely Auto brand. It sells passenger vehicles under the Geely Auto, Lotus, Lynk and Co, PROTON, and Volvo personal and commercial vehicles as well as commercial only vehicles under the London EV Company and Yuan Cheng Auto brands. The group sold over 1.5 million cars in 2018.
Geely Group has been manufacturing its own cars before it owned the Swedish passenger car maker Volvo Cars since 2010, when it acquired the company from Ford. It completed the acquisition of British taxi maker The London Electric Vehicle Company in 2013, and acquired a majority stake in British sports carmaker Lotus Cars in 2017.
ZGH business is divided into five sub-groups: Geely Auto Group which includes the brands Geely Auto, Lynk and Co, PROTON, and Lotus; Volvo Car Group which includes the brands Volvo Cars and Polestar; Geely New Energy Commercial Vehicle Group which include the brands London Electric Vehicle Company and Yuan Cheng; Geely Group (New Business) which includes the brands Caocao, Terrafugia, Qianjiang Motorcycles, Joma, and other new businesses; and Mitime Group which includes ZGH educational institutions, motorsports business, and tourism business. ZGH has global operations spanning the automotive value chain, from research, development and design to production, sales and service.
Geely Automobile Holdings Ltd (Chinese: 吉利汽车; pinyin: Jílì Qìchē) (SEHK: 175), a subsidiary of Geely, is listed on the Hong Kong Stock Exchange. On 13 February 2017, it became a constituent of the Hang Seng Index.
Geely (Chinese: 吉利; pinyin: Jílì) means "auspicious" or "lucky" in Chinese.
Founding Geely in 1986 as a refrigerator maker with money borrowed from family,Li Shufu transformed the company into a success selling inexpensive products to Chinese consumers.
After the purchase of a failing, state-run firm, Geely manufactured motorcycles in the mid-1990s. Small van production began in 1998, and a year later, it received state approval to manufacture automobiles. Car production began in 2002. A subsidiary of the group, Geely Auto, had its IPO on the Stock Exchange of Hong Kong in 2004.
The company had a booth at the 2005 Frankfurt Motor Show, and a 2006 showing at the Detroit auto show.
Geely approached Ford in mid-2008 about a possible takeover of Volvo Cars. On October 28, 2009, it was named as the preferred buyer of Volvo by the American automaker. A deal was reached in late March and completed in early August, 2010.
In 2010, total sales of over 415,000 units gave the company a near 2% market share. Sales were lower than a reported 680,000 units per year production capacity.
In December 2011, it was announced that Geely would begin selling Chinese-designed and -manufactured cars in the United Kingdom at the end of 2012, with the first model to go on sale being the Emgrand EC7. The company has also stated its intention to begin sales in Italy.
In May 2017, Geely confirmed plans to purchase a 51% controlling-stake in Lotus Cars from its owner, DRB-HICOM. Additionally, Geely plans to purchase a 49.9% stake in PROTON Holdings, to facilitate future export growth in right-hand drive markets. The deals were seen as an important step for the Chinese carmaker in their quest to make inroads into the lucrative ASEAN region.
In July 2017 the company purchased Terrafugia, an American maker of flying cars. In November 2017, Geely announced completion of the Terrafugia acquisition, including approval from all relevant regulators.
In December 2017, Geely invested €3.25 billion into Swedish truck and construction company Volvo Group, a former parent company of Volvo Cars. The deal has made the company the biggest shareholder with 8.2% of stake and 15.6% of voting rights.
Furthering its expansion and reach, Geely purchased a 9.7% stake in Daimler-Benz, parent of Mercedes-Benz.
Based in China, Zhejiang Geely Holding Group operates all over the world through its many subsidiary brands. The Group's core business activities are within the automotive industry where it controls the following automotive groups and vehicle brands:
Other non-automotive businesses are managed under Geely Group (New Business). The Group also has cultural and educational business under its Mitime Group.
Geely Auto Group
Four brands are managed under the Geely Auto Group, Geely Auto, Lynk and Co, PROTON, and Lotus
Geely Auto – Listed as Geely Automobile Holdings Ltd. on the Hong Kong Stock Exchange and controlled through holdings in Zhejiang Geely Holding Group. Geely Auto is ZGH's mainstream brand primarily sold in China and select overseas markets.
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