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Archive for the ‘Geely’ Category

Volvo Hopes to Electrify Customers – and Investors

All-electric models now expected to generate half its sales by mid-2020s, with 1/3 self-driving.

by on Jun.08, 2018

The Volvo 40.2 Concept hints at what's coming with the marque's first all-electric vehicle.

Volvo took a lead in the push into electrification last year, announcing it would use some of battery-based drive system on all future products, whether mild, conventional or plug-in hybrids, or pure battery-electric. And, last January, it gave us a hint of what that first BEV would be with the debut of its 40.2 concept.

The production version will follow in 2019 and, if Volvo’s latest forecast is any indication, so will plenty of other all-electric models, as the Swedish automaker now says it wants them to generate half of its sales by mid-decade.

Plug In!

The mid-term plan Volvo is laying out is nothing if not ambitious. It also predicts that half of the Chinese-owned automaker’s sales will come from self-driving vehicles, and that half of its volume will come through its Care by Volvo subscription service, rather than conventional sales and leasing. Oh, and add a goal of boosting volume – and profitability – to match other premium manufacturers.

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Chinese Automakers Eyeing International Roles

GAC, Geely looking to make an impact globally.

by on Jun.06, 2018

Geely Chairman Li Shufu purchased 9.7% of Daimler AG for $9.2 billion, and expects to partner with them on electrification..

Guangzhou Automotive Corp. or GAC, one of the largest automotive enterprises in China, still plans to move ahead with plans to export vehicles to the United States in 2019 or 2020, a top GAC executive told the annual Global Automobile Forum in Chongqing, China.

Meanwhile Li Shufu, the entrepreneur who developed Holding Group and recently bought 9.9% of Daimler AG, said he expects to collaborate in the future with the German automaker.

News Now!

Li Shao, GAC vice president, said GAC is fully committed to becoming an international company. The objective of becoming an international company was one of the company’s objectives when it was first organized back in the 1980s, Li said. But very from the very beginning, GAC’s management understood it had a great deal to learn if it wanted to succeed and it also had to do well in China, Li said. (more…)

Geely’s Li Shufu Says Partnerships Key to Auto Success

Team up or get swallowed up.

by on Apr.17, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Geely owner Li Shufu urged Daimler AG, in which he recently became one of the largest shareholders, to consider further strategic partnerships.

Global News!

Li Shufu, who is also the owner of Volvo, recently became a major shareholder of Daimler after acquiring a 9.69 % stake in the Stuttgart-based company. (more…)

Daimler’s Zetsche Talks About Future With New Investor

Geely's Li Khufu is Daimler's largest investor, which may foster new deals.

by on Apr.05, 2018

Daimler AG's Dieter Zetsche discusses the company's future during its annual shareholders meeting.

Daimler AG continues to enjoy record success even as it spends heavily on new investments to prepare the company to meet future challenges in an auto industry that is changing quickly and dramatically even as it adjusts to new shareholders.

Daimler CEO Dieter Zetsche also moved quickly at the beginning of the company’s annual shareholders meeting in Berlin to head off questions about the investment of Li Shufu, the Chinese entrepreneur who recently acquired approximately 10% of Daimler’s shares.

Global News!

“I’d like to start by saying our talks with Li Shufu have been very positive,” Zetsche said. “He wants to have a long-term investment with Daimler and he supports our successful strategy,” said Zetsche, adding that future collaboration with Li Shufu’s automotive empire, which includes Geely, the Chinese company he founded, and Volvo, is a possibility. (more…)

Geely Chairman Shufu Shaking Up Auto Industry

Daimler may have gained a new strategic partner.

by on Feb.26, 2018

Geely Chairman Li Shufu, left, and Volvo CEO Stefan Jacoby after Shufu signed the papers to take the majority interest in Volvo Cars.

Daimler AG and its principal Chinese partner, BAIC, plan to invest almost $2 billion in a state-of-the-art factory in China, even as Li Shufu, the ambitious entrepreneur, who has made Geely into an automotive power begins to digest his purchase of a 9.7% stake in the company.

Adding to the intrigue, Daimler and BAIC, the company built around Beijing Jeep and a key Geely competitor, plan to use the money to revamp a factory they jointly own to build both Mercedes-Benz luxury and electric vehicles from Mercedes new line of electric vehicles.

An Electrifying News Source!

The investment was clearly planned prior to Li Shufu’s dramatic disclosure he had quietly acquired 9.7% of Daimler AG’s shares. The Chinese entrepreneur, who has built his company into the largest privately owned auto company in China, also hinted that he was prepared to acquire more shares even as he prepared to visit Germany for a round of talks with Daimler executive in Stuttgart and officials from the German government in Berlin. (more…)

Geely Buys 9.7% of Daimler AG for $9.2 Billion

Chinese company now Daimler's largest shareholder.

by on Feb.23, 2018

Geely Chairman Li Khufu purchased 9.7% of Daimler AG for $9.2 billion.

Li Shufu, Geely’s chairman and majority owner, continues to sample different flavors from the automotive industry buffet, spending $9.2 billion for a 9.7% stake in Daimler AG.

The purchase, which was revealed in a regulatory filing, makes Shufu Daimler’s largest single shareholder ahead of the Kuwait Investment Authority, which holds 6.8%. Nearly 71% of Daimler shares are held by institutional holders, like Shufu.

The Last Word!

“We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler’s innovative prowess, strategy and future potential,” a Daimler spokesperson told Reuters. “Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking.” (more…)

China Posts Meager Auto Sales Gain in 2017

Sport-ute led the way to small 1.4% increase last year.

by on Jan.12, 2018

Auto sales in China increased marginally for 2017, but they were led by sport-utilites.

China’s auto sales stalled in December and ended 2017 up a meager 1.4% compared with a year ago results as the popularity of SUVs helped to offset falling demand for sedans, the China Association of Automobile Manufacturers said.

With global car makers such as General Motors, BMW, Volkswagen AG, Mercedes-Benz, Toyota and Nissan all reporting solid, but not spectacular, gains during 2017, smaller local brands common to almost every province and international brands such Ford and Hyundai, appeared to suffer the most for the slowdown, which was due in part to the end of special tax credits.

Global Auto News!

The growth rate was barely one-tenth the previous year’s 15% rate, which was boosted by a temporary tax cut. (more…)