Geely's Global Expansion: A Comprehensive Overview of Companies Owned by Geely
In the world of automobiles, Geely, officially known as Zhejiang Geely Holding Group, has made a significant impact. Founded in 1986 by Li Shufu, the company started as a refrigerator parts manufacturer but has since grown to become one of China's largest car manufacturers.
One of Geely's most notable acquisitions is Volvo Cars, which it bought from Ford Motor Company in 2010 for $1.8 billion. Under Geely's ownership, Volvo Cars has made considerable strides forward, boasting an exciting lineup of vehicles with cutting-edge features and planning for half their car sales to be fully electric models by 2025.
Geely also owns Lotus, an iconic British sports car maker, and Proton, Malaysia's leading automaker. The alliance between Geely and Proton has been highly beneficial for both companies, with Geely gaining access to the Southeast Asian market and Proton being able to revamp its aging product line using Geely's cutting-edge technology.
In 2017, Geely stealthily amassed a nearly 10% stake in Daimler AG, making it the largest single shareholder of Mercedes-Benz' parent company. This move aims to foster technological collaboration between both entities, especially in areas such as electric vehicles and autonomous driving technology.
Geely's portfolio doesn't end with traditional automobiles. The company has launched several brands including Geometry (an all-electric brand) and Lynk & Co., targeting tech-savvy consumers with connected cars. Lynk & Co, a brand under Geely, was established in 2016 as a joint venture between Geely and Volvo Cars. Within one year of its launch, Lynk & Co had received over 120,000 orders. By 2020, Lynk & Co had expanded into the European market.
All Lynk & Co vehicles are connected to the cloud via embedded software provided by Ericsson, enabling features like smartphone unlocking and digital car sharing. Lynk & Co encourages flexible car ownership with features such as subscription-based services and shared ownership possibilities.
Another innovative venture by Geely is its acquisition of Terrafugia, a company dedicated to building practical flying cars. This acquisition signifies a step towards efficient air travel becoming part of everyday life.
Geely's partnership with Lotus has resulted in financial stability, technological advancement, and market expansion for the British sports car manufacturer. The London EV Company (LEVC), known for producing London's distinctive black cabs, is another company owned by Geely.
Lastly, Polestar, a subsidiary of Geely, focuses on high-performance electric vehicles. In 2020, Polestar set a record by selling over 10,000 units of their flagship EV model. With Geely's continued growth and strategic acquisitions, the future of the global automotive industry looks exciting.
