Overview Geely Automobile Holdings Limited, commonly known as Geely Auto (Chinese: 吉利汽车; pinyin: Jílì Qìchē), is a publicly traded automotive company predominantly owned by Zhejiang Geely Holding (ZGH). It owns the Geely Auto brand and partly owns Lynk & Co, Proton Cars, and Zeekr brands. The company is incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange.
| Website | geelyauto.com.hk |
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Established in 1986 by Li Shufu in Ningbo, Zhejiang, China, Geely initially focused on refrigerator manufacturing before transitioning to motorcycles in 1994. In 1997, Geely entered the automotive industry, becoming China’s first privately owned car manufacturer. Its first product, the Geely Haoqing, rolled off the production line in 1998. In 2004, the company went public on the Hong Kong Stock Exchange.
As of 2024, Geely Auto is the largest subsidiary of Zhejiang Geely Holding, producing over 2.17 million out of the 3.33 million vehicles manufactured by the group. Around 888,000 of these vehicles were new energy vehicles (plug-in hybrid and battery electric vehicles). Geely Auto employs approximately 60,000 people out of the group’s total workforce of over 130,000.
Corporate Structure Geely Auto is a publicly listed company within Zhejiang Geely Holding. Since February 2017, it has been a constituent of the Hang Seng Index. As of 2024, Zhejiang Geely Holding is the largest shareholder of Geely Auto, holding a 39.94% stake, followed by Proper Glory Holding Inc. (26.2%), a holding company partly owned by Zhejiang Geely Holding. At least 76% of Geely Auto’s shares are controlled by entities connected to Li Shufu.
The company fully owns the Geely, Geely Galaxy, and Radar Auto (Riddara) brands. Lynk & Co ownership is shared with Zeekr, another Geely Auto subsidiary. Proton Holdings is jointly owned (via subsidiary Linkstate Overseas Limited) with Malaysian conglomerate DRB-HICOM. Since May 2024, Zeekr became a NYSE-listed company with Geely Auto retaining a 62.8% stake.
History Geely was established in 1986 in Ningbo, Zhejiang, by Li Shufu. Initially focused on manufacturing refrigerator components, Geely transitioned to the motorcycle industry in 1994. By 1997, the company had begun investing in automobile manufacturing, and in 1998, the first Geely-branded car, the Geely Haoqing, was produced.
In 2002, Geely shifted from being a family-operated entity to a joint-stock company. Zhejiang Geely Holding Group Co., Ltd. (ZGH) was established on March 24, 2003. In April 2003, Zhejiang Geely Holding entered a joint venture agreement with Guorun Holdings Co., Ltd., a company listed on the Hong Kong Stock Exchange, which was later renamed Geely Automobile Holdings Limited.
By 2010, Geely had expanded its product lineup and improved quality, culminating in the acquisition of Volvo Cars from Ford Motor Company for $1.8 billion. This marked a significant milestone in Geely’s globalization strategy, strengthening its technological and brand capabilities.
Recent Developments and Restructuring (2024) In November 2024, Geely Holding restructured its subsidiaries to optimize efficiency. As part of the restructuring:
- Geely transferred its 11.3% stake in Zeekr to Geely Auto, increasing Geely Auto’s ownership in Zeekr to 62.8%.
- Zeekr acquired a 51% stake in Lynk & Co from Geely Auto and Volvo Cars.
- Radar Auto, Geely’s electric pickup truck brand, was integrated into Geely Auto.
Manufacturing Facilities As of 2024, Geely Auto operates 11 manufacturing plants across China, including locations in Ningbo, Xiangtan, Baoji, Linhai, Jinzhong, Qiantang, Hangzhou Bay, Guiyang, Changxing, Xi’an, and Zibo.
Brands and Models
- Geely Auto (Mainstream passenger vehicles)
- Geely Galaxy (Premium new energy vehicles)
- Radar Auto (Riddara) (Electric pickup trucks)
- Lynk & Co (Mid-to-premium segment vehicles, joint ownership with Zeekr)
- Proton (Joint ownership with DRB-HICOM, Malaysian market focus)
- Zeekr (Premium electric vehicles, NYSE-listed)
Conclusion Geely Auto remains a dominant player in China’s automotive market, expanding its presence in international markets through strategic acquisitions and restructuring. With a focus on electric and smart vehicle technologies, Geely continues to innovate and compete globally in the rapidly evolving automotive landscape.
