Geely

Overview

Geely entered the automotive industry in 1997, but only officially received national production license in November 2001. 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 maker Volvo Cars from Ford Motor Company in 2010. It completed the acquisition of British taxi maker Manganese Bronze Holdings in 2013 and restructured it into London Electric Vehicle Company. In 2017, ZGH acquired a majority stake in British sports carmaker Lotus Cars.

ZGH's business is divided into five business units: Geely Auto Group which includes the brands Geely Auto, Lynk & Co, and Proton Holdings; 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 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.

Its global operations span the automotive value chain, from research and development and design to production, sales and service.

History

Geely was established in 1986 in Ningbo, Zhejiang by Li Shufu as a refrigerator parts manufacturer located in Taizhou, Zhejiang. To start the company, Li Shufu had to borrow funds from his family. In 1994, Geely transitioned into the motorcycle industry by acquiring a state-run firm, and started producing China's first scooter.

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 are state-owned enterprises such as Chery. Geely's first car, the Geely Haoqing, rolled off the assembly line in Linhai, Zhejiang on 8 August 1998. However, Geely did not obtain its national production license until 9 November 2001, which delayed mass production until 2002. By 2002, the brand was ranked among the top ten in the Chinese automobile market.

In 2002, Geely was restructured from being a family-operated entity to a joint-stock company managed by professional management. On 24 March 2003, Zhejiang Geely Holding Group Co., Ltd. (ZGH) was established with a registered capital of CN¥930 million. In January 2004, Li Shufu bought controlling shares in Guorun Holdings Co., Ltd., a company listed on the Hong Kong Stock Exchange under the trading code 0175HK. In March 2004, Guorun was renamed Geely Automobile Holdings Limited, a company under ZGH, retaining the same trading code. This strategy was seen as Geely's "backdoor" entry into the Hong Kong stock market, providing a means to raise funds for the company.

In 2006, Geely bought a 19.97 percent equity stake in British company Manganese Bronze Holdings, the manufacturer of London black 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. 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 entered administration due to lack of funding. ZGH established a new company under its British subsidiary called The London Taxi Corporation, later renamed London Electric Vehicle Company, to resume assembly of the London black cab in Coventry, UK.

In 2009, Geely bought an Australian transmission company Drivetrain Systems International (DSI), at that time the second largest automatic transmission manufacturer for A$70 million. In 2014, Geely sold 90% of its stake in DSI to multiple other Chinese companies after the company suffered losses.

Purchase of Volvo Cars (2008–2010)

Following continuing losses in that year, Ford Motor Company put Volvo Cars up for sale in December 2008. On 28 October 2009, Ford confirmed that, after considering several offers, the preferred buyer of Volvo Cars was ZGH. 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 for US$1.8 billion. The European Commission and China's Ministry 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 in cash and a $200 million note. At the time of the purchase, it was the largest overseas acquisition by a Chinese automaker.

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 new vehicle platform named the Scalable Product Architecture platform (SPA). Sales reached 500,000 vehicles in 2015 for the first time in the brand's history and grew to over 700,000 in 2023. Both companies jointly developed engines and platforms, notably the Compact Modular Architecture (CMA) 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.

Further acquisitions and brand establishments (2016–present)

In October 2016, Geely Auto released its new brand called Lynk & Co in Berlin, Germany, which is intended to bridge the gap between Geely and Volvo brands. The brand was launched with three production models, all based on the Compact Modular Architecture (CMA). In August 2017, ZGH, Geely Automobile Holdings and Volvo Car Group signed an agreement at Geely Auto's Hangzhou 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%.

In May 2017, ZGH purchased a 51% controlling-stake in Lotus Cars from its owner, DRB-HICOM, the largest shareholder of Malaysian carmaker Proton Holdings. The remaining 49% were acquired by Etika Automotive, a holding company of Proton's major shareholder Syed Mokhtar Albukhary. Proton had owned Lotus since 1996, and largely struggled to turn the fortunes of the sports carmaker around. ZGH also purchased a 49.9% stake in Proton Holdings, which was agreed on 23 June 2017 and finalised on 29 September 2017. The purchase was seen to facilitate future export growth in right-hand drive markets, and making inroads into the lucrative ASEAN region. Proton confirmed that it would not downsize its workforce following its deal with Geely.

In July 2017, the company purchased Terrafugia, an American maker of flying cars. In November 2017, ZGH announced completion of the Terrafugia acquisition, including approval from all relevant regulators.

In October 2017, Volvo Cars and ZGH announced that Polestar, a performance and tuning brand owned by Volvo Cars, would become a standalone brand focusing on electric cars. Polestar introduced its first product, the Polestar 1 coupé on 17 October 2017. The car was produced at the Polestar Production Centre in Chengdu, China. Following an initial public offering, Polestar shares began trading on the Nasdaq exchange under the symbol PSNY on 24 June 2022.

In December 2017, ZGH invested €3.25 billion into Swedish truck and construction company Volvo Group, a former parent company of Volvo Cars. The deal made ZGH the biggest shareholder by number of shares with an 8.2% stake, and second by voting rights, with 15.6%.

Automotive divisions and products

Automobile brands

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, the Geely Galaxy for premium EV/PHEV.

Geely Galaxy (Chinese: 吉利银河) is Geely's mass-market brand of new energy vehicles (plug-in hybrid and battery electric vehicles) that was established in February 2023. In October 2024, the Geely Geometry line has been merged with Geely Galaxy.

Geely Radar (Chinese: 吉利雷达), or Riddara outside China, is a battery electric pick-up truck brand owned by ZGH. The brand's first vehicle, the Radar RD6, was unveiled in 2022. The brand was consolidated into Geely Auto in November 2024.

London Electric Vehicle Company (LEVC) is a brand owned by ZGH that produces and sells electric black cabs. It adopted its current name in 2017 to reflect its new mission of developing and producing electric commercial vehicles. It was formerly named The London Taxi Company, which has roots from Manganese Bronze Holdings, the original manufacturer of black cabs that Geely acquired in 2013. With a new factory in Ansty Park, near Coventry, it has begun production of a new generation of zero-emission-capable new taxi vehicle in late 2017.

In February 2025, the LEVC has been consolidated into Geely Galaxy.

Zeekr (Chinese: 极氪) is a premium battery electric vehicle brand of ZGH owned by Geely Automobile Holdings. The company is listed on the New York Stock Exchange since May 2024.

The brand was founded in 2021 as an offshoot of Lynk & Co, as its first vehicles were meant to be Lynk & Co models. 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. 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.

Discontinued automobile brands

Jidu Auto (Chinese: 集度) is a joint venture between ZGH and Baidu that would be engaged in the production of electric vehicles in different segments starting in 2022. Jidu Auto is owned 55% by Baidu and 45% by Geely.

The Ji 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. 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.

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. 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- to high-end luxury brand. 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 the Shanghai Maple brand. Geely claimed Englon emulated classic, British styled cars. Some of its cars were built by Geely subsidiary Shanghai LTI. As Geely fully acquired The London Taxi Company in 2013, the emblem of Englon also became the new logo of The London Taxi Company.

Gleagle (Chinese: 全球鹰) was Geely's entry-level brand sold between 2010 and 2015. Some Gleagle cars, such as the Gleagle Panda, were available for sale on the internet in China via the Taobao Mall, a popular e-commerce site. 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. This sub-brand was discontinued in 2015. Most Gleagle products continued to be sold directly under the Geely brand.

Motorcycle brands

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 in Pesaro, Italy, with production occurring in Wenling, 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.

Autonomous driving system

G-ASD (Qianli Haohan)

In 2025, Geely launched its unified intelligent driving solution—"Qianli Haohan"—announcing that all future models under the group will be equipped with the system. Depending on the levels, it offers varying levels of automated navigation and automated parking capabilities. It was renamed to G-ASD (Geely Afari Smart Driving, Qianli Haohan) since 2026.

NOA (Navigation on Autopilot): Automated driving assistance on highways or urban roads based on navigation routes.

D2D (Door to Door): End-to-end automated driving from the starting point to the final destination.

APA (Automated Parking Assist): System that automatically steers the vehicle into a parking space, with the driver typically controlling acceleration and braking.

HPA (Home-zone Parking Assist): Automated parking function that memorizes and replicates a frequently used parking route, often for a home or office garage.

VPD (Virtual Parking Driver): A system that can automatically navigate and park the vehicle in complex parking scenarios, often using more advanced sensors and planning.

International investments and holdings

Mercedes-Benz Group (9.69% stake)

In February 2018, Geely's founder and chairman Li Shufu acquired a 9.69% stake of Mercedes-Benz Group through the Tenaciou3 Prospect Investment Limited, making it the company's largest single shareholder.

Aston Martin (17% stake)

In September 2022, Geely acquired a 7.6% stake in Aston Martin Lagonda.

In May 2023, Geely increased its stake to 17%, becoming the third-largest shareholder after the Yew Tree consortium and the Saudi Arabia Public Investment Fund.

Volvo Group (6.8% stake)

In 2017, Geely acquired an 8.2% stake of Volvo AB, which is also about 15% of votes.

In January 2024, Geely announced to reduce its holdings in Volvo Group by US$685 million. The stake has been lowered from 8.2% to 6.8%. Despite the reduction, Geely remains the second-largest shareholder in Volvo Group.

Renault Korea (34.02% stake)

In 2022, Geely invested over US$200 million to acquire a 34.02% stake in a joint venture in South Korea between Renault and the Samsung Group. The company plans to produce vehicles based on the Geely's Compact Modular Architecture platform, initially intended for the Korean domestic market.

Renault Geely do Brasil (26.4% stake)

In June 2025, Geely Auto, Geely Holding and Renault announced to establish a joint venture to manufacture electric vehicles in Brazil. The JV company would be owned 73.57% by Renault, 21.29% by Geely Auto, 5.11% by Geely Holding, and 0.03% by an independent third party.

Joint venture with Ford in Spain (34% stake)

In July 2026, Geely and Ford announced to establish a manufacturing joint venture at Ford's Valencia plant in Spain. The joint venture will be hold 66 % by Ford and 34% by Geely plan to produce Ford-branded vehicles based on the Geely platform and Geely-branded vehicles.

Horse Powertrain (45% stake)

In 2022, Geely and Renault established a joint venture at 50:50, to manufacture internal combustion engine (ICE) and hybrid powertrains for Renault, Nissan and Mitsubishi vehicles with Geely's technology.

In 2024, Saudi Aramco acquired 10% of Horse Powertrain, with Geely and Renault's stake each diluted to 45%.

BelGee (33.47% stake)

In 2011, BelGee was established by Geely and the Belarusian state-owned company BelAZ, to produce Geely and Geely-based vehicles. The company was 58.162% owned by BelAZ and 36.092% by Geely.

In 2021, the joint venture was restructured. It was invested by government of Shenzhen and CITIC Group. The government of Belarus acquired all the share of BelAZ. After the restructuring, the company was 51.49% owned by Belarus state, 33.47% by Geely, 9.01% by government of Shenzhen, and 6.03% by CITIC Group.

Drivetrain Systems International (divested)

In 2009, Geely bought Drivetrain Systems International Pty Ltd, a global transmission developer headquartered in Australia.

In 2015, Geely sold DSI to a Chinese investment company Shuanglin, which continue to manufacture the DSI designed products in Xiangtan, Jining and Ninghai.

Non-automotive businesses

Geely Technology Group

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 Chinese new 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's Benelli. It is also known for its lithium battery technology.

Geespace plans to create a network of low earth orbit satellites that will send precise positioning information to self-driving cars.

Mitime Group

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.

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.

Meizu

In June 2022, Geely acquired a majority stake of Meizu, a Chinese consumer electronics manufacturer based in Zhuhai, Guangdong.

Geely Talent Development Group

Formerly named 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 in Chengdu

University of Sanya – a private university located in Hainan

Beijing Geely University – a private university located in Beijing

Xiangtan Institute of Technology

Zhejiang Automobile Vocational and Technical College

Hunan Geely Automobile Vocations and Technical College

Technologies

Vehicle platforms

Many of Geely's subsidiaries produce vehicles using shared architectures.

SPA – Scalable Product Architecture platform (2014–present)

SEA – Sustainable Experience Architecture (2021–present)

GEA – Global Intelligent New Energy Architecture platform (2024–present)

CMA – Compact Modular Architecture (2017–present)

SMA – Scalable Modular Architecture (2025–present)

BMA – B-segment Modular Architecture (2018–present)

Motorsport

Geely entered the TCR World Tour with Cyan Racing in 2026, using the Preface.

Sales

Other activities

In 2015, the manufacturer announced that it would invest $45.5 million over three years in the Icelandic company Carbon Recycling International to "collaborate on the deployment of renewable methanol fuel production technologies and vehicles running 100% on methanol in China, Iceland, and other countries".