Geely Acquired Volvo, Then Messed It Up—15 Years Later, Both Are Finished
Geely Acquired Volvo, Then Messed It Up—15 Years Later, Both Are Finished
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Geely Auto, founded in 1997, was the first privately owned car manufacturer in China. It went public on the Hong Kong Stock Exchange in 2004. In 2010, Geely made headlines by fully acquiring Volvo Cars through a major deal. Since then, it has also taken stakes in Mercedes-Benz Group and AB Volvo, building a global brand portfolio. Today, Geely is considered the most internationally oriented Chinese private carmaker.
That Volvo deal was a turning point that launched Geely into rapid growth. Behind the scenes, the acquisition had strong backing from the Chinese government, especially from then–Vice President Xi Jinping.
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