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 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. The company has since reduced costs by producing parts in China. In February 2013, ZGH fully acquired Manganese Bronze Holdings for , 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 . 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) , next to Geely's headquarter 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 . 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 €3.25billion 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%. In late July 2020, it was announced that the Xingma Group had agreed to transfer a 15.2% stake of its shares in the
Ma'anshan-based heavy truck manufacturer
Hualing Xingma to Geely New Energy Commercial Vehicle Group, a wholly owned subsidiary of ZGH. After the transaction, Geely New Energy Commercial Vehicle Group would become the
de facto controlling shareholder of Hualing Xingma. In February 2020, Volvo Cars and Geely started formal discussions about a proposed
merger of both businesses. In the existing arrangement, Volvo Cars has been allowed autonomy with its resources despite being fully owned by ZGH. These merger talks were later halted, and 18% of Volvo Cars shares were listed on the
Nasdaq Stockholm stock exchange in October 2021. InMarch 2021, ZGH launched the
Zeekr brand for premium electric vehicles. Its first model, the
Zeekr 001 was launched in April 2021, and deliveries began in October 2021. In May 2024, Zeekr filed its
initial public offering (IPO) on the
New York Stock Exchange. Zeekr raised around , making it the largest IPO of a Chinese company since 2021. In February 2024, Volvo Cars announced its plan to reduce its stake in Polestar by the third quarter of 2024 from currently 48.3% to around 18% by ceding it to ZGH.
Shareholding and partnerships with Daimler/Mercedes-Benz (2018–present) and
Smart #3 electric cars in a showroom in a mall in
Shenzhen In 2018, Li Shufu through his investment company Tenaciou3 Prospect Investment Limited purchased a 9.7% stake in Daimler AG (now
Mercedes-Benz Group), owner of the
Mercedes-Benz and
Smart brands. , Li Shufu is the second-largest Mercedes-Benz AG shareholder after
BAIC Group. In January 2020, ZGH and Daimler AG announced a 50-50 joint venture to develop and operate the Smart brand as a global electric vehicle brand. The venture, later named Smart Automobile Co., Ltd. is headquartered in
Ningbo, Zhejiang. It has a registered capital of , with each company contributing . The new all-electric Smart model from this joint venture was launched globally in 2022 as the
Smart #1, previously showcased as the
Concept #1 at the 2021 Munich Motor Show. Smart electric vehicles from the partnership are based on the
Sustainable Experience Architecture (SEA)
electric vehicle platform developed by Geely. In September 2025,
Mercedes-Benz Digital Technology acquired 3% of
Qianli Technology, Geely's AI and autonomous driving technology solution company, at a price of RMB 1.34 billion. Upon completion of the transaction, Mercedes-Benz will become the fifth largest shareholder of Qianli Technology.
Renault partnerships (2021–present) In August 2021, ZGH through its subsidiary Geely Auto formed a
strategic partnership with
Renault. In January 2022, the two companies signed an agreement by which Renault's South Korean subsidiary,
Renault Korea Motors, would produce vehicles based on Geely
Compact Modular Architecture platform, In May 2022, Renault said a Geely subsidiary was set to acquire a 34% stake of
Renault Korea Motors through capital increase as part of their partnership, although the company would continue to be majority owned by Renault and a consolidated subsidiary of it. In November 2022, Renault said it plans to combine its powertrain production and development operations (including internal combustion engines and hybrid systems) with Geely's into a joint venture holding company with both as co-owners. The joint venture was officially established in late May 2024 as
Horse Powertrain Limited, headquartered in
London, United Kingdom. In February 2024, Renault and Geely announced a framework agreement to expand their strategic collaboration in the production and sale of electric vehicles in Brazil. Under the agreement, Geely Holding Group will invest in
Renault do Brasil, acquiring a minority stake in the company. This investment will grant Geely access to localized production, sales, and service resources in Brazil, enhancing its presence in the region. In June 2025,
Geely Auto, Geely Holding and
Renault announced to establish a joint venture to manufacture electric vehicle 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. The company would produce and distribute vehicles under the Renault and Geely brands in Brazil, with shared distribution infrastructure and a nationwide dealer network.
Baidu partnership (2021–present) In January 2021, ZGH announced a deal to create an electric vehicle joint venture together with
Baidu, a Chinese multinational technology company specializing in Internet-related services, products, and artificial intelligence (AI). Baidu would develop the electric car's software while Geely would manufacture the car. The companies formed
Jidu Auto in the same year, combining elements of both company names. Later, in August 2023, they launched the Ji Yue brand, with Geely owning 65% and Baidu 35%. Ji Yue is a subsidiary of Geely Group that was formed to circumvent restrictions on car manufacturing qualifications. Jidu Auto now focuses on technology solutions, including product design and AI development, for Ji Yue vehicles.
Taizhou Declaration and restructuring (2024–present) In September 2024, Li Shufu, the founder of the Geely, announced the "Taizhou Declaration", a new stage of strategic transformation of ZGH that would promote the integration of internal resources, clarify the positioning of each brand, straighten out equity relationships, reduce conflicts of interest and duplication of investment, and improve resource utilization efficiency. In October 2024, as the first step of the strategy, Geely announced to merge all Geely Geometry dealerships into Geely Galaxy dealership network. In November 2024, ZGH transferred its 11.3% stake in Zeekr Intelligent Technology (Zeekr) to Geely Automobile Holdings (
Geely Auto). Geely Auto's shareholding ratio in Zeekr increased to 62.8%. Meanwhile, Zeekr purchased a 20% stake of
Lynk & Co from
Geely Auto for 3.6 billion yuan and acquire
Volvo Cars 30% stake in
Lynk & Co for 5.4 billion yuan. This move made Zeekr hold 51% of Lynk & Co in total, while the remaining 49% of Lynk & Co shares continues to be held by Geely Auto. In January 2025, ZGH announced it would consolidate
London EV Company into
Geely Auto. In April 2025, the
Livan marque was consolidated and became a product line under Geely Auto. In July 2025, ZGH announced that its subsidiary
Geely Auto had officially signed a merger agreement with Zeekr. Geely Auto would acquire all remaining Zeekr shares it does not already own, making Zeekr a wholly owned subsidiary of Geely Auto. In September 2025, Geely appointed Zhu Ling as the Head of Asia-Pacific Operations at Volvo. Zhu Ling previously served as Vice President at Zeekr Intelligent Technology Holding Co., Ltd., marking Geely's official takeover of Volvo Car's business in China and the Asia-Pacific region. Despite the power transition, Volvo Cars stated that there have been no changes to the corporate structure or ownership. == Automotive divisions and products ==