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Earlier this year, there were reports that Geely Holding Group, a Chinese manufacturer, is working something out with Proton, a Malaysian automaker. Proton once owned the British sports car manufacturer Lotus. This month, it has finally been revealed what both companies were setting out to achieve - a $65 million (£51 million) transaction, that is Geely’s acquisition of a controlling stake of 51 percent in Lotus, scheduled to be finalized by the end of September.
Lotus has been around for 65 years already, and that whole time, the small company had a pretty wobbly existence. But the deep-pocketed Chinese might actually be the future of the company, according to specialists.
Back in 2010, Geely’s founder Li Shufu decided to acquire Volvo. And when it did, it provided the Swedish company the necessary investment, but at the same time, it retained the engineering and the same team that was behind the company, that specialized in what they do. This is exactly what Geely should do as they acquire Lotus.Read the entire article Geely plans to finalize Lotus deal for $65 million by the end of September
After successfully closing a deal with Volvo in 2010, China’s Geely is now securing full ownership of Lotus -- the maker of Exige, Evora, Elise and 3-Eleven. The Chinese car company will be taking a 51% stake in Lotus from Proton as well as a 49.9% stake from DRB-Hicom, Proton’s parent company in Malaysia. Based on the agreement, Geely will have full control of the British sports car company since it will be purchasing the Malaysian-based conglomerate’s entire 51% stake.
Geely, owner of Sweden’s Volvo Car Group and London Taxi Company has promised to boost Lotus’ full potentials by increasing the development of its new products and technologies. The British sports car maker, as we know, has been merely updating its older models recently.
Since 2014, Lotus Chief Executive Jean-Marc Gales has been doing the best he could to revive the company after two decades of unstable profit. Not known to many, Lotus was completely banned in the US market after failing to meet the latest safety regulations of its airbags in 2015. It was only in the previous summer that Lotus products were once again allowed to be sold in the US.Read the entire article Geely Auto to acquire full control of Lotus Cars, 49.9 percent of Proton
Ever heard of the “Lynk & Co” automotive brand? Well, it is highly likely people haven’t. This is practically because this is new brand created by the joint venture between Swedish carmaker Volvo and Chinese parent Geely. Of course, Lynk & Co is expected to tap into the Volvo’s deep technology chest.
Lynk & Co will try to break the auto market with its first model, the Lynk & Co 01 compact crossover. Underpinned by Volvo-developed Compact Modular Architecture that also underpins the upcoming XC40, the new Lynk & Co 01 crossover measures around 178.4 inches (4.53 meters) in length, 73 inches (1.85 meters) in width and 65.1 inches (1.65 meters) in height. It also sits in wheelbase of 107.5 inches (2.73 meters), which allows the 01 crossover to boast of larger cabin space. This should sit well with the compact crossover’s main target market in China, where vehicles with ample rear legroom are usually a big hit.
Being underpinned by Volvo’s CMA means that the new Lynk & Co 01 will be powered by an array of turbocharged three- and four-cylinder engines that will serve as the core of Volvo’s new 40 series cars. These engines could be mated to a manual transmission or a seven-speed, dual-clutch gearbox. It is possible that Lynk & Co will offer a plug-in hybrid version of the 01 later at its life cycle.Read the entire article Geely-Volvo joint venture unveils new Lynk & Co 01 compact crossover
Volvo will co-develop a new compact car family with parent Zhejiang Geely Holding Group that will use a common platform and that will be produced at its plant in Belgium, according to CEO Hakan Samuelsson. These cars will also most probably be assembled in China; however, the company hasn’t reached a decision yet on which of its factories in the country will do the work.
Samuelsson said that Volvo’s plant in Ghent, Belgium, will be tapped. From the assembly map of Automotive News Europe, we learned that the Ghent plant currently rolls out the Volvo S60, V40 and XC60 models.
A "good guess" is how Samuelsson describes the idea that the first Volvo vehicle to feature a new platform, referred to as the compact modular architecture (CMA), would be a Volvo V40 hatchback new generation since it’s the lone compact that Volvo currently markets globally.Read the entire article Volvo to develop new compact car family with parent Geely, will be built in Belgium
Zhejiang Geely Holding Group Co. and Volvo Car Corp. have commenced the development of a subcompact vehicle platform in their r&d center in Sweden. Geely will exclusively use the subcompact to compete against global rivals like the Ford Fiesta, Volkswagen Polo, Honda Fit and Toyota Yaris, according to a report by The Wall Street Journal, citing an interview with Volvo chief executive Hakan Samuelsson.
The Journal reported that the subcompact car may be rolled out to the market in several years. According to the paper, a vital goal of the project is to develop a subcompact car that complies with safety and quality standards in Western markets where Chinese carmakers have been struggling to penetrate.
The subcompact would be the second joint project undertaken by the r&d center, following the development of a compact car platform that both Geely and Volvo could use. The Journal reported that the compact car would be rolled out in three or four years. Geely acquired Volvo in 2010 from Ford Motor Co.Read the entire article Volvo developing subcompact global car with Geely
Geely Automobile confirmed that it is collaborating with Volvo on building a car to be exported to the U.S. by 2016. There are many skeptics to this plan described by CEO Gui Shengyue to Bloomberg since numerous other Chinese automakers (which include BYD Auto) have yet to succeed at selling their cars in the U.S. Nevertheless, Geely is optimistic.
Zhejiang Geely, the corporate parent of Geely Auto, bought Volvo from Ford, four years ago with hopes of integrating its technology, quality and market prowess. To date, Geely has been able to export vehicles to many markets. Geely sold 100,800 vehicles overseas in 2012. For this year, Geely seeks to export up to 180,000 units this year.
Russia, Saudi Arabia and Ukraine are among its largest foreign markets. Zhejiang Geely spokesman Yang Xueliang clarified that while Geely will be in joint development with Volvo and that this model will comply with U.S. and European standards, it will be sold in China first.Read the entire article Geely CEO confirms collaboration with Volvo over US-bound car
Geely Automobile Holdings Ltd. is planning to commence exporting cars that it develops with Volvo Cars to the United States in 2016. The Chinese carmaker is counting on the Swedish brand's reputation for safety and reliability to help it compete in developed markets. Geely participated in the Detroit auto show in 2006 and failed in its attempted to market its units in the US due to lack of consumer recognition and confidence.
Gui Shengyue, chief executive of Geely, told Bloomberg in an Aug. 23 interview that their acquisition of Volvo enhanced their image, adding that overseas consumers are seeing them as an international company.
He remarked that Geely's deliveries in the US and Europe will be banking on the jointly developed models. Geely chairman Li Shufu had the Geely and Volvo brands separate on worries that if the Swedish brand is associated with a Chinese marquee, its image and reputation would diminish.Read the entire article Geely-Volvo developed cars to be sold in the US starting 2016
Geely Automobile Holdings will commence selling vehicles jointly developed with Volvo Cars in 2015. Geely chief executive Gui Sheng Yue told reporters that the companies have entered into actual research and development stage, adding the new vehicles will be out in 2015. Geely’s joint development with Volvo is seen to help polish the Chinese carmaker’s image as the Swedish auto company is already known for building safe and reliable cars.
Geely is seeking to become China’s largest auto exporter. Volvo has commenced test runs at its first production site in China, with an aim to doubling its sales to 800,000 vehicles by 2010.
Geely said in a statement that since the economic environment in most of their major markets is seen to become more difficult in the second half of 2013, the company’s operating environment would remain challenging in the rest of the year.Read the entire article Geely and Volvo will start selling jointly developed units in 2015
Zhejiang Geely Holding Group Co. plans to invest £100 million (EUR115.8 million) in Manganese Bronze Holdings in the next five years as part of plans to make the London black cab maker profitable. The investment plan, announced by Zhejiang Geely chairman Li Shufu, entails Manganese Bronze exporting its black cabs to other countries, according to company spokesman Victor Yang.
The Chinese carmaker announced on Feb. 1, 2013 that it agreed to acquire Manganese Bronze for £11.04 million on a debt-free basis. Manganese Bronze entered administration in 2012. The acquisition of Manganese Bronze will help Zhejiang Geely expedite its expansion after its purchase of Volvo Car Corp. in Sweden.
Yang told Bloomberg in a phone interview that they now target Manganese Bronze to become profitable in a year instead of three years, as the black cab maker targets more buyers outside the United Kingdom.Read the entire article Zhejiang Geely to invest £100 million in cab maker Manganese Bronze
Zhejiang Geely Holding Group has signed three agreements with Volvo Car Corp. to allow the Chinese carmaker to employ some technologies Volvo that plans to phase out over the next few years. Geely signed three "technological cooperation agreements" with Volvo, enabling to gain access to mid-size vehicle platform or underpinning technology, interior air quality, and safety technology.
The agreement follows an announcement in March 2012 that the two companies would discuss ways Geely could tap technology that Volvo is planning to phase out.
The deals could significant improve Geely's vehicle engineering abilities and help the two companies reduce costs. However, the deals may give rise to the possible dilution of the Volvo brand. In a press release, Geely pointed to "synergies" in the technology sharing.Read the entire article Zhejiang Geely inks three technology sharing deals with Volvo Car
Stefan Jacoby’s recent departure as the chief executive of Volvo Car Corp. was a controversial one. Although Jacoby suffered from stroke in September 2012, it was not cited as the reason for his eventual exit. One of those reasons could be the clash of philosophies over the carmaker’s long-term direction between Jacoby and the chairman-founder of Volvo’s parent, Li Shufu of Zhejiang Geely Holding Group.
Shortly after Geely acquired Volvo from Ford Motor Co. in 2010, Li suggested that Volvo should produce upscale luxury sedans that would rival luxury vehicles produced by BMW, Mercedes and Audi. Jacoby, however objected as he and Volvo's European managers would rather focus on smaller vehicles to enhance the carmaker’s "green" image.
However, during the 2010 Los Angeles Auto Show, Jacoby acknowledged that China's executives had a strong preference for long luxury sedans.Read the entire article Stefan Jacoby’s exit from Volvo due to clash with Geely’s Li Shufu
Chinese vehicle manufacturers Great Wall Motor and Geely Automobile will use the United Kingdom as a testing ground in its endeavor to enter the European region. This year, two companies will introduce inexpensive vehicles in the country, taking advantage of the rising demand for low-cost models during the harsh economic period.
Furthermore, they want to grab the opportunity of a move upscale by South Korea-based Kia and Hyundai. Attempts to enter the European market by Chinese car manufacturers like Landwind and Brilliance in the past were unsuccessful due to the poor ratings in safety tests that the companies' automobiles had received. Great Wall and Geely Automobile are undertaking these measures to make sure that their vehicles meet Western safety standards.
Great Wall's Steed double-cab pickup is set for launch in the United Kingdom this month through a network of 35 dealers at a price of 13,998 pounds for the standard model.Read the entire article Geely, Great Wall to use UK as testing ground to enter European market
Volvo has been under the ownership of a Chinese automaker for 18 months now but it doesn’t mean that it gets special treatment. In fact, Volvo is still considered by Chinese law to be foreign automaker and is treated much like how General Motors, Ford Motor Co. or German luxury car maker Audi is regarded.
There had been speculations that the government would prioritize the purchase or the building up of the high-end international brands. What this implies is that the Volvo isn’t included in those vehicles that Beijing hopes to supply to its locally branded fleets. It offers a $15 billion market to rivals like FAW and SAIC Motors.
Geely, the parent of Geely Automotive Holdings Ltd., is intent on gaining face. As part of its massive campaign, Volvo has gotten the services of New York Knicks basketball player Jeremy Lin to aid in selling its luxury cars in both China and the U.S., the two largest car markets in the world. Believed to be another milestone of Volvo's revival, Lin said that it has inked a 2-year agreement to come out in advertisements and serve as brand ambassador for Volvo in an endorsement deal.Read the entire article Volvo considered an outsider in Chine, despite it’s owned by Geely
Geely Automobile Holdings recorded a net income of 1.54 billion yuan or $244 million for 2011, a 13% increase from the 1.37 billion yuan it achieved a year before. The 2011 profit figure surpassed the 21 analysts' average forecast of 1.47 billion yuan as surveyed by Bloomberg. The demand for new automobiles in China has been identified as a contributing factor to the increase in profit.
The country has increased efforts to assist Geely, which is the sibling company of Volvo Cars, as well as other local vehicle manufacturers competing against foreign automakers like Volkswagen Group and General Motors Co.
Nineteen Geely models have been included by the industry regulator on its list of automobiles that government agencies can purchase, shutting out foreign rivals. Last year, the local-brand vehicles' share of the market -- not including SUVs, minivans and multipurpose automobiles -- dropped 1.78 percentage points to 29.11%, the China Association of Automobile Manufacturers revealed. Automobile sales of Geely increased 1% to 421,611 units last year, trailing behind the 5.2% increase experienced by the passenger vehicle market in China.Read the entire article Geely Automobile’s net income for 2011 is 13% higher to $244 million
A technology transfer agreement has been entered between Zhejiang Geely Holding Group (Geely Automobile’s parent) and Volvo. This deal enables Geely to improve its product lineup and intensify its competitiveness. Volvo CEO Stefan Jacoby said that this is a move that creates added value for the two companies.
He added that this will help with plans for China to soon be Volvo’s “second home market." In a statement, Geely said that this deal covers the joint development of electric vehicle and small-car technology, which include plug-in vehicles. Li Shufu, chairman of Geely Holding Group, said that it’s a “strategic imperative” for the company to improve its various brands to and to do what it can to unlock the synergies within the group.
In 2010, Volvo was bought by Zhejiang Geely from Ford Motor Co. This is China's biggest overseas auto acquisition and reflects the country's quick rise in the auto industry. However, this deal resulted to worries that a Chinese takeover will hurt Volvo's image as a long-established upscale brand. To alleviate those fears, Li has given a public statement to emphasize that Volvo's independence would be maintained.Read the entire article Geely, Volvo signed a technology transfer deal
Volvo Cars and majority shareholder Zhejiang Geely Holding Group Co. will enter into a vehicle manufacturing venture in line with the plans to expand in China, which is the largest automobile market in the world. Volvo will disclose the "concrete details" of the joint venture in around two months, the automaker's Beijing-based spokesman Michael Ning stated.
In accordance with the requirements for a Chinese joint venture on automobile manufacturing, Volvo will also launch a new brand exclusive to China as well as more fuel-efficient vehicles, Ning added. Under the present regulations, Volvo is considered a foreign automaker even if it is wholly owned by Chinese interests, Ning explained. He added that Volvo also requires a local partner before it can manufacture vehicles in the country.
Ning disclosed that Volvo is waiting for the National Development and Reform Commission's approval of a proposed facility in the southwestern city of Chengdu. The automaker is aiming to double sales to 800,000 vehicles worldwide in a decade through 2020. The automaker also intends to spend at most $11 billion around the world in the next five years in order to meet increasing demand in markets such as China, Volvo CEO Stefan Jacoby stated in February 2011.Read the entire article Volvo, Zhejiang Geely to enter into vehicle manufacturing venture in China
The Geely Emgrand EC7 has already been subjected to the latest 2011 Euro NCAP safety testing programme even it is set to enter the UK new car market only towards the end of 2012. The Geely Emgrand EC7 earned four stars. So far, only five other models have received this rating, namely: Jaguar XF, Renault Fluence ZE, Jeep Grand Cherokee, Fiat Panda and the MG6.
The Geely Emgrand EC7 is produced in China but is imported by Geely Auto UK. According to Matthew Cheyne, Market Development Director of Geely Auto UK, the company is pleased with the high safety rating especially since it is now preparing for the UK launch of the Geely brand.
He added that this rating is a “significant element of the total peace of mind, value for money, long warranty and excellent customer service ownership proposition” that its cars offer. He acknowledged that the safety reputation of vehicles in the Chinese domestic market is “unfair.” He added that the Euro NCAP rating proves that its new generation vehicles offer a “competitive high level of safety and build quality.”Read the entire article Geely Emgrand EC7 gets five stars at the Euro NCAP crash tests
Geely, an automaker based in China, will mark its entry in the UK with the arrival of its first batch of models towards the end of 2012. An agreement was reached between Geely International Corporation and the UK-based Manganese Bronze Holdings plc (MBH) to distribute new Geely cars in the UK. It is also tasked to supply components, to set up a dealer network and to offer an after-sales service.
This UK distributor operation is to be referred to as Geely Auto UK. MBH and Geely have already entered a deal to produce the London black cabs with the output for the UK market located in Coventry by The London Taxi Company, a division of MBH.
For the world markets, Geely will build the vehicles in China. According to John Russell, Chief Executive Officer of MBH, the company knows how successful Kia and Hyundai are in the UK but he is confident that its partnership with Geely will lead to “similar success in the future.”Read the entire article Geely will entry the UK market by the end of 2012
Peter Horbury, the styling boss at Volvo Car Corp., is transferring to the Swedish vehicle manufacturer's sister brand, Geely Group, to serve as senior vice president design. The successor of Horbury as Volvo's styling chief has yet to be named. The process is ongoing, a Volvo spokesperson said, adding that the design departments at the two companies are run independently. China's Zhejiang Geely Holding Group owned the two vehicle manufacturers.
Volvo CEO Stefan Jacoby commented that Horbury has played "a very important role" for the design of Volvo during "a long period of time," adding that he has "a legendary position in the automotive world." Horbury is credited with moving Volvo away from its boxy origins to the sleeker, leaner models seen in the automaker's current product range.
In 1991, he started his career with the Swedish automaker as head of design, assisting in the creation of new models such as the XC90 crossover prior to his move to Ford's Premier Automotive Group in 2002 where he was responsible for the design at all four PAG brands: Jaguar, Aston Martin, Volvo and Land Rover.Read the entire article Volvo styling chief Peter Horbury moves to Geely
China-based Geely Automobile denied a media report from Sweden that it wants to acquire Saab. Geely’s parent company is Zhejiang Geely Holding Group Co., the owner of Volvo Cars since 2010. Saab is waiting for a long-term investment from China's Zhejiang Youngman Lotus Automobile and Pangda Automobile Trade Co. and is currently restructuring under creditor protection.
Youngman’s bridge loan of 70 million euros ($93 million) has yet to be received by Saab. Citing a source, Swedish paper Dagens Nyheter said last Thursday that Youngman may choose to withdraw from its agreement to put money into Saab in the longer term.
It also stated that Geely is “interested” when it comes to production and development, says Autonews.Read the entire article Volvo owner Geely denies report that it wants to acquire Saab
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