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In a significant move for the global automotive industry, Geely, the Chinese automaker, has taken over Volvo, acquiring the Swedish brand for a staggering $1.8 billion. This deal, announced in 2010, has marked a new chapter in Geely's journey, bringing Volvo's renowned safety knowledge to the forefront of Geely's own vehicle development.
The acquisition, spearheaded by Geely's Chairman, Mr. Li Shufu, has been instrumental in Geely's efforts to improve the safety of its own cars, as well as its commitment to green technologies. Li Shufu, in a statement, expressed his high hopes for Volvo's green technologies, believing they will play a crucial role in Geely's future.
Geely has been making waves with its latest releases, such as the Zeekr 9X, an SUV priced at 80,000 USD, featuring the world's largest PHEV battery and a hefty 3-ton weight. Meanwhile, Geely has also unveiled the Galaxy's 4.8-meter Starshine 6 PHEV sedan, further showcasing the company's commitment to electric and hybrid vehicles.
In terms of production, Geely is planning a new Volvo factory in Beijing with an annual capacity of 300,000 cars. This expansion is expected to start in 2025, potentially marking the end of Volvo's joint venture with Chang'an Auto in Chongqing.
Volvo, known for its commitment to environmental sustainability, is considered greener compared to many Chinese cars. This reputation, coupled with its safety features, has solidified its position as one of the most famous automotive brands in the world.
The heart of Volvo, according to Li Shufu, remains in Sweden and Belgium, with its main plants based in these countries. However, Volvo's reach is expected to extend across the globe under Geely's leadership.
In 2009, Volvo produced 330,000 cars, and while no recent production figures are available, it is clear that the brand continues to thrive under Geely's ownership. The acquisition has been hailed as a significant event in China, making Li Shufu a new Chinese hero in the eyes of many.
Looking to the future, Geely is planning to launch a Smart #2 EV city car in China in late 2026, further demonstrating the company's commitment to electric vehicles. With Volvo's green technologies and Geely's ambitious plans, the future of both brands looks bright.
