Geely was founded in 1986 as arefrigerator parts company, before transitioning tomotorcycles in 1994 and entering the automotive industry in 1997. ZGH as a holding company was founded in 2003. As of 2023[update], the company ranks 225 in the 2023Fortune Global 500 list of the world's largest companies.[2] In 2024, the group produced a total of 3.33 million vehicles globally, including 1.48 millionplug-in electric vehicles.[12]
Geely entered the automotive industry in 1997, but only officially received national production license in November 2001.[16] Following a restructuring of Geely, ZGH was established as a holding company largely owned by Li Shufu in March 2003. ZGH acquired the Swedish passenger car makerVolvo Cars fromFord Motor Company in 2010.[17] It completed the acquisition of British taxi makerManganese Bronze Holdings in 2013 and restructured it intoLondon Electric Vehicle Company.[18] In 2017, ZGH acquired a majority stake in British sports carmakerLotus Cars in 2017.[19]
ZGH's business is divided into five business units:Geely Auto Group which includes the brands Geely Auto, Lynk & Co, andProton Holdings; Volvo Car Group which includes the brands Volvo Cars andPolestar; Geely New Energy Commercial Vehicle Group which include the brands London Electric Vehicle Company and Yuancheng (Farizon); Geely Group (New Business) which includes the brands Caocao,Terrafugia,Qianjiang Motorcycle,Joma, and other new businesses; and Mitime Group (铭泰集团;Míngtài Jítuán) which includes ZGH educational institutions,motorsports business, and tourism business.
In 1997, Geely completed the construction of relevant factories and initial investment preparations to enter the automobile industry. This made Geely the first private automobile company in China, whereas other carmakers arestate-owned enterprises such asChery. Geely's first car, theGeely Haoqing, rolled off the assembly line inLinhai, Zhejiang on 8 August 1998. However, Geely did not obtain its national production license until 9 November 2001, which delayed mass production until 2002.[30] By 2002, the brand was ranked among the top ten in the Chinese automobile market.[30]
In 2002, Geely was restructured from being a family-operated entity to ajoint-stock company managed by professional management. On 24 March 2003,Zhejiang Geely Holding Group Co., Ltd. (ZGH) was established with a registered capital ofCN¥930 million.[31] In January 2004, Li Shufu bought controlling shares in Guorun Holdings Co., Ltd., a company listed on theHong Kong Stock Exchange under the trading code 0175HK.[32] In March 2004, Guorun was renamedGeely Automobile Holdings Limited, a company under ZGH, retaining the same trading code.[33] This strategy was seen as Geely's "backdoor" entry into the Hong Kong stock market, providing a means to raise funds for the company.[34][35][33]
In 2006, Geely bought a 19.97 percent equity stake in British companyManganese Bronze Holdings, the manufacturer of Londonblack cabs. Both companies started a£53 million joint venture to produce the black cabs in China, with Geely holding 52 percent and the British company 48 percent.[36][37] The company has since reduced costs by producing parts in China. In February 2013, ZGH fully acquired Manganese Bronze Holdings for£11.04 million, after the British company enteredadministration due to lack of funding.[38][39] ZGH established a new company under its British subsidiary called The London Taxi Corporation, later renamedLondon Electric Vehicle Company, to resume assembly of the London black cab inCoventry, UK.[40][41]
In 2009, Geely bought an Australian transmission companyDrivetrain Systems International (DSI), at that time the second largestautomatic transmission manufacturer forA$70 million. In 2014, Geely sold 90% of its stake in DSI to multiple other Chinese companies after the company suffered losses.[42]
Volvo Cars Chinese headquarter inHangzhou, next to Geely's headquarter
Following continuing losses in that year,Ford Motor Company offeredVolvo Cars for sale in December 2008.[43] On 28 October 2009, Ford confirmed that, after considering several offers, the preferred buyer of Volvo Cars was ZGH.[44][45] On 23 December 2009, Ford confirmed the terms of the sale to ZGH had been settled. A definitive agreement was signed on 28 March 2010 forUS$1.8 billion. TheEuropean Commission and China'sMinistry of Commerce approved the deal on 6 and 29 July 2010, respectively. The deal closed on 2 August 2010 with Geely paying $1.3 billion cash and a $200 million note.[46][47] At the time of the purchase, is the largest overseas acquisition by a Chinese automaker.[48]
This acquisition facilitated Volvo's recovery and brought significant technological and managerial advancements to Geely. Under Geely ownership, Volvo Cars has developed a new line of 3- and 4-cylinder diesel and petrol engines to replace larger engines. It has also developed a newvehicle platform called theScalable Product Architecture (SPA). Sales reached 500,000 vehicles in 2015 for the first time in the brand's history, and continued to over 700,000 in 2023.[49][50] Both company jointly developed engines and platforms, notably theCompact Modular Architecture platform that is used by Volvo, Geely and Lynk & Co vehicles. Improving technical expertise and a sophisticated production management system led to a significant sales surge for Geely from 2010 onwards.[51]
Further acquisitions and brand establishments (2016–present)
In October 2016, Geely Auto released its new brand calledLynk & Co inBerlin, Germany, which is intended to bridge the gap between Geely and Volvo brands. The brand was launched with three production models, all based on theCompact Modular Architecture (CMA).[52] In August 2017, ZGH, Geely Automobile Holdings and Volvo Car Group signed an agreement at Geely Auto'sHangzhou Bay R&D Center to establish the Lynk & Co joint venture. Geely Auto controls 50% of Lynk & Co, Volvo Cars held 30%, and ZGH held the remaining 20%.[53]
In May 2017, ZGH purchased a 51% controlling-stake inLotus Cars from its owner,DRB-HICOM, the largest shareholder of Malaysian carmakerProton Holdings.[54][5] The remaining 49% were acquired by Etika Automotive, a holding company of Proton's major shareholderSyed Mokhtar Albukhary.[55] Proton had owned Lotus since 1996, and largely struggled to turn the fortunes of the sports car maker around. ZGH also purchased a 49.9% stake in Proton Holdings, which was agreed on 23 June 2017 and finalised on 29 September 2017.[56][57] The purchase was seen to facilitate future export growth inright-hand drive markets, and making inroads into the lucrativeASEAN region.[58][59] Proton confirmed that it would not downsize its workforce following its deal with Geely.[60]
In July 2017, the company purchasedTerrafugia, an American maker offlying cars.[61] In November 2017, ZGH announced completion of the Terrafugia acquisition, including approval from all relevant regulators.[62]
In October 2017, Volvo Cars and ZGH announced thatPolestar, a performance and tuning brand owned by Volvo Cars, would become a standalone brand focusing on electric cars.[63] Polestar introduced its first product, thePolestar 1 coupé on 17 October 2017. The car was produced at the Polestar Production Centre inChengdu, China.[64] Following aninitial public offering, Polestar shares began trading on theNasdaq exchange under the symbol PSNY on 24 June 2022.[65][66]
In December 2017, ZGH invested €3.25billion into Swedish truck and construction companyVolvo Group, a former parent company ofVolvo Cars.[67] The deal made ZGH the biggest shareholder by number of shares with an 8.2% stake, and second by voting rights, with 15.6%.[67]
In September 2019, ZGH led a round of private funding forVolocopter that raised $55million for the company. Volocopter's other private investors also include Daimler AG which owns a stake in the company.[68]
In late July 2020, it was announced that the Xingma Group had agreed to transfer a 15.2% stake of its shares in theMa'anshan-based heavy truck manufacturerHualing Xingma to Geely New Energy Commercial Vehicle Group, a wholly owned subsidiary of ZGH. After the transaction, Geely New Energy Commercial Vehicle Group would become thede facto controlling shareholder of Hualing Xingma.[69]
In February 2020, Volvo Cars and Geely started formal discussions about a proposedmerger of both businesses. In the existing arrangement, Volvo Cars has been allowed autonomy with its resources despite being fully owned by ZGH.[70] These merger talks were later halted, and 18% of Volvo Cars shares were listed on theNasdaq Stockholm stock exchange in October 2021.[71]
InMarch 2021, ZGH launched theZeekr brand for premium electric vehicles. Its first model, theZeekr 001 was launched in April 2021, and deliveries began in October 2021.[72] In May 2024, Zeekr filed itsinitial public offering (IPO) on theNew York Stock Exchange. Zeekr raised aroundUS$441 million, making it the largest IPO of a Chinese company since 2021.[73]
In February 2024, Volvo Cars announced its plan to reduce its stake in Polestar by the third quarter of 2024 from currently 48.3% to around 18% by ceding it to ZGH.[74][75]
In September 2024, Li Shufu, the founder of the Geely, announced the "Taizhou Declaration", a new stage of strategic transformation of ZGH that would promote the integration of internal resources, clarify the positioning of each brand, straighten out equity relationships, reduce conflicts of interest and duplication of investment, and improve resource utilization efficiency.[76][77]
In October 2024, as the first step of the strategy, Geely announced to merge all Geely Geometry dealerships into Geely Galaxy dealership network.[78] In November 2024, ZGH transferred its 11.3% stake in Zeekr Intelligent Technology (Zeekr) to Geely Automobile Holdings (Geely Auto). Geely Auto's shareholding ratio in Zeekr increased to 62.8%.[79][80] Meanwhile, Zeekr purchased a 20% stake ofLynk & Co fromGeely Auto for 3.6 billion yuan and acquireVolvo Cars 30% stake inLynk & Co for 5.4 billion yuan.[81] This move made Zeekr hold 51% of Lynk & Co in total, while the remaining 49% of Lynk & Co shares continues to be held by Geely Auto.[79][80] In addition, the electric pickup brandRadar Auto has been consolidated intoGeely Auto.[82][83]
In 2018, Li Shufu through his investment company Tenaciou3 Prospect Investment Limited purchased a 9.7% stake in Daimler AG (nowMercedes-Benz Group), owner of theMercedes-Benz andSmart brands.[85] As of 2024[update], Li Shufu is the second largest Mercedes-Benz AG shareholder afterBAIC Group.[86]
In January 2020, ZGH and Daimler AG announced a 50-50 joint venture to develop and operate the Smart brand as a global electric vehicle brand. The venture, later named Smart Automobile Co., Ltd. is headquartered inNingbo, Zhejiang. It has a registered capital ofCN¥5.4 billion, with each company contributing CN¥2.7 billion.[87] The new all-electric Smart model from this joint venture was launched globally in 2022 as theSmart #1, previously showcased as theConcept #1 at the 2021 Munich Motor Show.[88] Smart electric vehicles from the partnership are based on theSustainable Experience Architecture (SEA)electric vehicle platform developed by Geely.[89]
In May 2022, Renault said a Geely subsidiary was set to acquire a 34% stake ofRenault Korea Motors through capital increase as part of their partnership, although the company would continue to be majority owned by Renault and a consolidated subsidiary of it.[94][95]
In November 2022, Renault said it plans to combine its powertrain production and development operations (including internal combustion engines and hybrid systems) with Geely's into a joint venture holding company with both as co-owners.[96][97] The joint venture was officially established in late May 2024 asHorse Powertrain Limited, headquartered inLondon, United Kingdom.[98]
In February 2024, Renault and Geely announced a framework agreement to expand their strategic collaboration in the production and sale of electric vehicles in Brazil. Under the agreement, Geely Holding Group will invest inRenault do Brasil, acquiring a minority stake in the company. This investment will grant Geely access to localized production, sales, and service resources in Brazil, enhancing its presence in the region.[99]
In January 2021, ZGH announced a deal to create an electric vehicle joint venture together withBaidu, a Chinese multinational technology company specializing in Internet-related services, products, and artificial intelligence (AI). Baidu would develop the electric car's software while Geely would manufacture the car.[100][101] The companies formedJidu Auto in the same year, combining elements of both company names. Later, in August 2023, they launched the Ji Yue brand, with Geely owning 65% and Baidu 35%. Ji Yue is a subsidiary of Geely Group that was formed to circumvent restrictions on car manufacturing qualifications. Jidu Auto now focuses on technology solutions, including product design and AI development, for Ji Yue vehicles.[102][103][104]
Geely Auto is Geely Group's original and mainstream brand, primarily sold in China and select overseas markets. It has an electric vehicle product line, theGeely Galaxy for premium EV/PHEV.
Radar Auto (Chinese:雷达汽车), or Riddara outside China, is a battery electric pick-up truck brand owned by ZGH. The brand's first vehicle, theRadar RD6, was unveiled in 2022.[111] The brand was consolidated intoGeely Auto in November 2024.[82]
London Electric Vehicle Company (LEVC) is a brand owned by ZGH that produces and sells electricblack cabs. It adopted its current name in 2017 to reflect its new mission of developing and producing electric commercial vehicles. It was previously known as The London Taxi Company, which has roots fromManganese Bronze Holdings, the original manufacturer of black cabs that Geely acquired in 2013. With a new factory inAnsty Park, near Coventry, it has begun production of a new generation ofzero-emission-capable new taxi vehicle in late 2017.[112]
Zeekr (Chinese:极氪) is a premium battery electric vehicle brand of ZGH owned by Geely Automobile Holdings. The company is listed on theNew York Stock Exchange since May 2024.[73]
The brand was founded in 2021 as an offshoot ofLynk & Co, as its first vehicles were meant to be Lynk & Co models.[114] However after a major shareholding restructuring in 2024, it holds 51% of Lynk & Co currently.
Lynk & Co (Chinese:领克) was established in 2017 that uses technology developed jointly by Volvo Cars and Geely Auto.[115] 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.
Proton is a national car brand of Malaysia, established in the 1980s at the behest of the government and later reverted to private ownership underDRB-HICOM.[116] Since 2017, the brand is owned 49.9% by ZGH and 50.1% by DRB-HICOM. Its first Geely-based vehicle, also the carmaker's first-ever SUV, theProton X70 was introduced in Malaysia in December 2018. It is based on first-generationGeely Boyue.[117]
In July 2023, after the internal restructuring in Geely Group, the Proton brand was consolidated into the balance sheets ofGeely Auto.[118]
Polestar is a publicly traded electric car brand established in Sweden under the Volvo Cars Group. Polestar was initially 50.5% owned by ZGH and 49.5% by Volvo Cars.[119]
The Maple brand name originated withShanghai Maple Automobile, a Geely subsidiary established in 1999 and phased out in 2010.[120] The brand was temporarily revived in 2020 by launching its first EV, theMaple 30X. In 2022, Geely launched the joint venture betweenLifan and Maple calledLivan (Chinese:睿蓝), and the previous Maple products were reconsolidated into Livan.
Lotus Cars is a British carmaker established in 1948 that produces sports and racing cars. It is owned 51% by ZGH since 2017, while the rest is owned by Etika Automotive.[121]
Jidu Auto (Chinese:集度) is a joint venture between ZGH andBaidu that would be engaged in the production of electric vehicles in different segments starting in 2022.[122] Jidu Auto is owned 55% by Baidu and 45% by Geely.
TheJi Yue (Chinese:极越) brand was established in August 2023 as the second collaboration between ZGH and Baidu. Ji Yue is 65% owned by ZGH and 35% by Baidu, making it a subsidiary of ZGH. Due to Chinese government policies, Baidu as the controlling company of Jidu, could not obtain the qualification to manufacture cars. Establishing Ji Yue allowed ZGH to be the controlling company, circumventing these restrictions. Jidu Auto has since become a technology solutions company focused on developing AI driving technology for Ji Yue and will no longer operate as an independent car brand.[104][123] With the launch of the new Ji Yue brand, the previous Jidu Robo-01 was renamed Ji Yue 01, and the Ji Yue brand inherited the logo originally created for Jidu Auto.[124]
In 2019, Mercedes-Benz and ZGH revived theSmart brand as a global joint venture, targeted at producing battery electric vehicles in China and selling them globally.[125] In 2022, the joint venture launched its first model, theSmart #1.
Geely Geometry (Chinese:吉利几何) is the battery electric vehicle range of Geely-based cars. Previously independent, the Geometry brand that was established in 2019 was consolidated into Geely Auto as an entry-level battery electric product series in March 2023.[126][127] In October 2024, the brand was merged into Geely Galaxy, becoming a "smart boutique small car series" within Geely Galaxy.
Emgrand (Chinese:帝豪) was launched in 2009 as a medium- tohigh-end luxury brand.[128] In 2014, Emgrand ceased to be a standalone brand, and Emgrand became a sub-brand of Geely, which itself adopted an updated version of the Emgrand logo.
Englon (Chinese:英伦) was launched in 2010 to replace theShanghai Maple brand.[129] Geely claimed Englon emulated classic, British styled cars.[73] Some of its cars were built by Geely subsidiary Shanghai LTI.[130] As Geely fully acquiredThe London Taxi Company in 2013, the emblem of Englon also became the new logo of The London Taxi Company.[130]
Gleagle (Chinese:全球鹰) was Geely's entry-level brand sold between 2010 and 2015.[131] Some Gleagle cars, such as theGleagle Panda, were available for sale on the internet in China via theTaobao Mall, a populare-commerce site.[132][133] While Geely would deliver the car to the customer's address, buying one of the Panda models on offer did necessitate a trip to a traditional dealer.[134] This sub-brand was discontinued in 2015. Most Gleagle products continued to be sold directly under the Geely brand.
Qianjiang Motorcycle is one of the largest manufacturers of two-wheeled vehicles in China. Since September 2016, the majority shareholding (29.8%) of the company has been controlled by the Geely Group. The vehicles are sold under four brands: QJiang, QJMotor,Benelli, Keeway Motors and KSR Moto.
Benelli is a subsidiary that produces motorcycles and scooters. Design, development and marketing activities are carried out at the Benelli QJ headquarters inPesaro, Italy, with production occurring inWenling, China, for sale globally.
Zhejiang Geely Ming Industrial Co., Ltd., common known as Geely Ming, or GM Motor, is a motorcycle manufacturer subsidiary founded in 1995 with registered office in Zhejiang province. The vehicles are sold under two brands: Jiming and Geely Motorcycle.
Li Shufu, the founder and chairman of Geely, acquired a 9.69% stake of Mercedes-Benz Group in February 2018, making it the company's largest single shareholder.[135]
In 2017, Geely acquired an 8.2% stake of Volvo AB, which is also about 15% of votes.[142][143]
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.[144]
In 2022, Geely invested over US$200 million to acquire a 34.02% stake in a joint venture in South Korea between Renault and theSamsung Group. The company plans to produce vehicles based on the Geely'sCompact Modular Architecture platform, initially intended for the Korean domestic market.[145]
In 2015, Geely sold DSI to a Chinese investment company Shuanglin, which continue to manufacture the DSI designed products inXiangtan,Jining andNinghai.
Caocao Chuxing (曹操出行) – Caocao Chuxing is a ride-hailing service that was developed by Hangzhou Youxing Technology Company and majority owned by ZGH. It is the first Chinesenew energy-focused mobility service.
Terrafugia –Terrafugia was founded in 2006 targeting at roadable aircraft. The company was acquired in full by ZGH in 2017.
Zhejiang Qianjiang Motorcycle Group Co –Qianjiang Motorcycle (钱江摩托) was majority acquired by ZGH in 2016. The company is one of the largest producers of motorcycles in China and owns several renowned brands including Italy'sBenelli. It is also known for its lithium battery technology.[148]
Geespace plans to create a network of low earth orbit satellites that will send precise positioning information to self-driving cars.[149]
Mitime Group was established in 2004 and is affiliated to ZGH. It focuses on investment and operation management of higher education, sports, cultural tourism and other businesses. The group consists of three departments: Mitime Speedpark, Mitime Sports and Mitime Cultural Tourism.[150]
Mitime Speedpark – Investment and development of motor speedparks around the world. They have already constructed multiple race circuits in China and abroad and currently operate tracks in Ningbo, Chengdu, and North America.
Mitime Motorsports – Mitime constructs and operates race tracks for automobiles, motorcycles, and karts around the world. Mitime also organizes motorsport events such as China F4 Championship.
Mitime Tourism – Mitime facilitates tourism and manages hospitality services around its tracks.
Previously known as Mitime Education, a subsidiary of Mitime Group, the Geely Talent Development Group is the education branch of Geely to cultivate talents for the automotive industry. Geely has established 9 higher education institutions and more than 10,000 student graduate from Geely's schools each year.
Geely University – a private university located inChengdu
In 2015, the manufacturer announced that it would invest $45.5 million over three years in theIcelandic companyCarbon Recycling International to "collaborate on the deployment of renewable methanol fuel production technologies and vehicles running 100% onmethanol in China, Iceland, and other countries".[169]
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^Consolidated into Geely's balance sheet since 2018