With a net worth of $13.2 billion, Li Shufu, is a Chinese billionaire businessman, and the chairman of Zhejiang Geely Holding Group Co. Ltd. and Volvo Cars.
Chinese billionaire Li Shufu, owner of Geely Automobile, the second largest private automobile manufacturer in China is in talks to merge their engine operations with Swedish car maker Volvo Cars AB, in essence creating China’s first global auto maker.
Li’s global ambitions for Chinese automotive manufacturing goes back as early as 2010 when Geely first bought Volvo from Ford for $1.8 billion and then followed up with a slew of other high profile automotive acquisitions by adding Lotus Cars and a $9 billion stake in Daimler AG to his portfolio and since Jan 2020, announced his intentions on either taking a slice of Aston Martin or having the whole cake.
Billionaire Li Shufu creates China’s First Global Carmaker with Geely Volvo merger of Engine Production units
Volvo languished during the first decade of the aughts as Ford consolidated its US holdings and positions, divesting itself of Land Rover and Jaguar, and leaving Volvo with minimal resources and scant investment. Incidentally, Land Rover and Jaguar flourished after their divestiture, a combination of new design language first initiated by Ford and the willingness of Tata, the new owner to take a hands-off approach in letting veteran executives of both brands run the show.
Li?s track record deal closing and successful management of new business...