Latest Information on Geely

What began as a maker of fridges has gone to the purchase of Volvo from Ford. Officially known as Zhejiang Geely Holding Group CO. Ltd, Geely was first established in 1986. The company was founded by Li Shufu who was in the business of manufacturing refrigerators. Even though Shufu, reportedly, borrowed money from his family to start the business, his business did really well. When Shufu started making huge profits, he then decided to shift his focus to something different. In 1994, Li Shufu purchased new machinery and began with motorcycle production. The company then became the first ever to introduce a scooter motor in China. Within the first year of business they measured sales volumes that exceeded 60,000 units. Geely hit the 200,000 mark in 1995 with the company becoming even more successful. By the next year Geely was known to be the main motorcycle manufacturer in the country. In 1997, Geely then decided to try a different industry again and entered into the higher education industry. Geely created three privately-owned colleges and universities. Also in that year, Geely decided to dip their hands in yet another industry. The companies attention then moved to the automotive industry and in 1998 Geely introduced its first production vehicle. The first vehicle was labelled the ‘Geely HQ’ and was launched in Linhai City. Ultimately this lead to the creation of “Geely Automobile Holdings Ltd” as a subsidiary of the Geely Group. This move also got the company listed on the Hong Kong Stock Exchange. Geely Highlights At the turn of the new century, Geely released its JL6360, MR7130, and MR6370 series models. The cars sold well on the Chinese market which lead to Geely getting listed in the SETC automobile products catalog. Furthermore, Geely also became the the first private company to be considered an automobile manufacturer. By 2002, consumers had begun complaining of the looks of Geely vehicles saying it resembled or were exact copies of other brands. However, many Geely cars did resemble other brands particularly on the exterior design. By use of new technology, outsourcing design, and reverse engineering tools, the company then designed some new models. From what started as a refrigerator making company has now transformed into one of the most successful automobile manufacturers in China. Geely has reached great heights.