Key Stats
Founded: 1986 (as refrigerator parts manufacturer); 1997 (entered automotive industry)
Headquarters: Hangzhou, Zhejiang, China
Chairman: Eric Li (Li Shufu)
Employees: More than 120,000 globally
Stock Symbol: HKEX: 0175 (Geely Automobile Holdings)
Zhejiang Geely Holding Group, commonly known as Geely, is a Chinese multinational automotive company headquartered in Hangzhou. The name “Geely” (吉利) means “auspicious” or “propitious” in Chinese. Founded by entrepreneur Li Shufu, the company has grown from a refrigerator parts manufacturer into one of China’s largest privately-owned automakers.
Geely became the first private company in China to receive a license to manufacture automobiles in 2001. The company attracted global attention in 2010 when it acquired Volvo Cars from Ford Motor Company for $1.8 billion, the largest overseas acquisition by a Chinese automaker at the time.
Today, Geely Holding manages a portfolio of brands spanning passenger vehicles, commercial vehicles, mobility services, and technology. Its major brands include Geely Auto, Volvo Cars, Polestar, Lotus, ZEEKR, Lynk & Co, and the London Electric Vehicle Company. In 2024, Geely Automobile Holdings reported record revenue of 240.2 billion yuan ($33.2 billion), with net profit of 16.6 billion yuan. The company has ranked among the Fortune Global 500 for multiple consecutive years.
Geely History
1986
Company Founded
Li Shufu establishes the company in Taizhou City, Zhejiang Province, initially manufacturing refrigerator parts and decorative materials.
1997
Enters Automotive Industry
Geely Auto is founded, marking the company’s entry into automobile manufacturing. Li Shufu famously declared: “Making a car is not hard. It is just four wheels and two couches.”
2001
First Licensed Private Automaker
Geely becomes the first privately-owned company in China to receive a government license to manufacture automobiles.
2005
Hong Kong Stock Exchange Listing
Geely Auto becomes the first Chinese automaker to be listed on the Hong Kong Stock Exchange.
2010
Volvo Cars Acquisition
Geely acquires 100% of Volvo Car Corporation from Ford Motor Company for $1.8 billion, the largest foreign acquisition by a Chinese automaker.
2017
Proton and Lotus Stakes
Geely acquires a 49.9% stake in Malaysian automaker PROTON and a 51% controlling stake in British sports car brand Lotus from DRB-HICOM.
2018
Daimler Stake
Li Shufu personally acquires a 9.7% stake in Daimler AG, becoming the German automaker’s largest single shareholder.
2020
Smart Joint Venture
Geely and Mercedes-Benz establish the “smart Automobile Co., Ltd.” joint venture to produce electric smart cars in China.
Geely Founder
Li Shufu (Eric Li)
Born June 25, 1963, in Taizhou, Zhejiang Province, Li Shufu grew up as the son of a farmer. He holds a master’s degree from Yanshan University. Li founded Geely in 1986, initially manufacturing refrigerator parts before moving into motorcycles in 1994 and automobiles in 1997.
Li is often compared to Henry Ford for building a global automotive empire from humble beginnings. His 2010 acquisition of Volvo from Ford Motor Company demonstrated his persistence: Ford had initially ignored his 2007 acquisition proposal, and rebuffed him again in 2008, but Li continued pursuing the deal until it closed. He remains Chairman of Geely Holding Group and is a member of the Chinese People’s Political Consultative Conference.
Geely Acquisitions
Geely’s global expansion strategy has been defined by strategic acquisitions of established Western automotive brands. The company’s approach has been to allow acquired brands to operate independently while sharing technology platforms and manufacturing expertise.
The 2010 acquisition of Volvo Cars from Ford for $1.8 billion was the deal that put Geely on the global map. Li Shufu had pursued the acquisition since 2007, when his initial letter to Ford went unanswered. The acquisition included $900 million in working capital and a commitment to build a Volvo factory in China. Li often stated that “Volvo is Volvo and Geely is Geely,” emphasizing the brands would remain separate.
In 2013, Geely acquired Manganese Bronze Holdings, the parent company of London Taxi International (now the London Electric Vehicle Company), which produces the iconic London black cabs. The company relaunched in 2017 with an all-new electric taxi.
The 2017 acquisitions of stakes in PROTON (49.9%) and Lotus (51%) from Malaysia’s DRB-HICOM expanded Geely’s presence in Southeast Asia and added a storied British sports car brand to its portfolio. In 2018, Li Shufu personally purchased a 9.7% stake in Daimler AG, making him the largest single shareholder in Mercedes-Benz’s parent company. This led to the 2020 joint venture with Mercedes-Benz to produce electric Smart vehicles. Geely has also invested in flying car company Terrafugia (2017), acquired a 52% stake in Danish fintech firm Saxo Bank (2018), and built stakes in Aston Martin Lagonda and Volvo AB (the commercial truck group, separate from Volvo Cars).
Geely Revenue
Geely Automobile Holdings reported record revenue of 240.2 billion yuan ($33.2 billion) in 2024, up 34% from the prior year. The company has shown strong growth driven by its electric vehicle lineup, including the ZEEKR and Galaxy brands.
Geely Market Cap
Geely Automobile Holdings has a market capitalization of approximately $22-25 billion as of early 2026. The company’s valuation peaked at over $33 billion in 2020 during strong enthusiasm for Chinese EV stocks, and has fluctuated with broader market conditions since then.
Geely Competitors
Geely competes with other major Chinese automakers in its home market, as well as global automakers in markets where it has expanded through brands like Volvo, Polestar, and Lotus. China’s automotive market has become increasingly competitive as domestic manufacturers have gained market share from foreign joint ventures.
| Company | Headquarters | Primary Business |
|---|---|---|
| BYD Company | China | Electric vehicles, batteries |
| SAIC Motor | China | Automobiles (MG, Roewe, Wuling) |
| Changan Automobile | China | Automobiles, electric vehicles |
| Chery Automobile | China | Automobiles (Chery, Jetour, Exeed) |
| Great Wall Motor | China | SUVs, pickup trucks (Haval, Tank) |
| NIO Inc. | China | Premium electric vehicles |
| XPeng Inc. | China | Electric vehicles, autonomous tech |
| Volkswagen Group | Germany | Global automaker |
| Toyota Motor | Japan | Global automaker |
| Hyundai Motor Group | South Korea | Global automaker |
FAQs
What brands does Geely own?
Geely Holding owns or holds stakes in Geely Auto, Volvo Cars, Polestar, Lotus, ZEEKR, Lynk & Co, London Electric Vehicle Company (LEVC), PROTON, Smart (joint venture with Mercedes-Benz), and Farizon Auto for commercial vehicles.
Who owns Geely?
Geely Holding is a privately-owned company controlled by its founder Li Shufu (Eric Li), a Chinese billionaire entrepreneur. Geely Automobile Holdings, the listed subsidiary, trades on the Hong Kong Stock Exchange.
When did Geely buy Volvo?
Geely acquired 100% of Volvo Car Corporation from Ford Motor Company on August 2, 2010, for $1.8 billion. It was the largest foreign acquisition by a Chinese automaker at that time.
Is Geely a state-owned company?
No, Geely is one of China’s largest privately-owned automakers. Unlike SAIC, FAW, or Dongfeng, which are state-owned enterprises, Geely was founded and remains controlled by private entrepreneur Li Shufu.
Where are Geely cars made?
Geely manufactures vehicles at plants across China, as well as through its subsidiaries globally. Volvo has factories in Sweden, Belgium, the United States, and China. Other Geely brands produce vehicles in Malaysia (PROTON), the UK (Lotus, LEVC), and various Chinese locations.
