Li Shufu, a Chinese millionaire businessman and entrepreneur, was born on June 25, 1963.
He established Zhejiang Geely Holding Group and serves as its chairman. Li is a well-known Chinese businessman who works in the auto industry. and is listed as number 30 on the China Rich List and one hundred on the Forbes Billionaires list.
Li Shufu Bio/Wiki
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Li Shufu Early Life
The birthplace of Li Shufu is Taizhou, Zhejiang. Li was born in the province of Zhejiang’s Taizhou in 1963. He was raised in a rural, agricultural environment where owning a car and taking a plane were luxury items.
Because he was inspired by the Red Flag cars he saw at the adjacent military airport to build his first model automobile at the age of 10.
Li Shufu Education
He graduated with his master’s from Yanshan University. Li founded and served as chairman of Geely Automobile, China’s second-largest privately owned automaker, in 1986.
He currently resides in Hangzhou, the provincial capital of Zhejiang.
Li Shufu Personal Life
Wang Li, Li’s husband, and the family call Hangzhou, Zhejiang, home.
Li Shufu Professional Career
Li established Geely in November 1986; it is currently China’s second-largest privately owned automaker. In a deal of US$1.8 billion, Geely and American automaker Ford Motor Company agreed to buy Swedish automaker Volvo Cars on March 28, 2010. It was the biggest overseas purchase made by a Chinese automobile maker.
Li had a goal of increasing sales to 600,000 by 2015 in the domestic market, along with $900 million in operating capital from Geely and a promise to construct a Volvo facility in China. Li was listed as the 63rd richest person in mainland China in 2013 by Hurun Report, with a net worth of US$2.6 billion.
Li reportedly became Daimler’s top shareholder in 2018 according to the Financial Times, owning a 9.7% stake in the German manufacturer. Li declared in November 2018 that he and the China Aerospace Science and Industry Corp. had reached an agreement for the construction of a new line of supersonic bullet trains.
The trains are supposed to run on the newly created technology. Li stated: “You cannot purchase core technologies. You become more dependent when you utilise other people’s technologies more frequently. We must innovate independently. Although the trip will be challenging, the future seems bright.”
Li was attempting to establish a worldwide carmaker by merging Geely with Volvo Cars in March 2020. Although they are both owned by Li’s investment company Zhejiang Geely Holding Group, Volvo and Geely are run separately. Li is in talks with Volvo Cars to merge with Geely in March 2020 as part of his plan to establish China’s first international automaker.
Volvo and Geely are both subsidiaries of Mr Li’s investment company Zhejiang Geely Holding Group, but they are run independently. With a 9.7% interest in the German automaker, Li reportedly became Daimler’s top shareholder in 2018, according to the Financial Times. On March 28, 2010, Geely and Ford Motor Company agreed to a purchase price of US$1.8 billion for Volvo Cars.
It was the biggest overseas acquisition made by a Chinese automaker. Li set a goal of increasing domestic market sales to 600,000 by 2015 along with a commitment to developing a Volvo factory in China and $900 million in operating capital from Geely. Guangzhou F.C. of China’s Jia B League was sponsored in 2001 by Geely Group.
Although Li stopped supporting football at the end of the 2001 China Jia B League Match Fixing, he was cited as saying, “We won’t come back until the Chinese football atmosphere gets improved.”
Li Shufu Achievements
In addition, Li has received numerous honours and distinctions, including “Master of Operation and Management,” “Elitist of China Automobile Industry over the past 50 years,” “Top 10 leaders of Independent Innovation of China Private Enterprises,” “Top 10 Most Vibrant Enterprise Helmsman in 2016,” “Zheijiang Business Innovation Prize,” etc.
Li Shufu Ownerships
Guangzhou F.C. of China’s Jia B League was sponsored in 2001 by Geely Group. Li, however, terminated his engagement in football sponsorship at the conclusion of the 2001 China Jia B League Match Fixing, and he was cited as saying, “We won’t come back until the Chinese football atmosphere gets better.”
Li has attacked the joint venture arrangement used in the Chinese automobile sector since it results in significant profits for international Tier 1 supplier and OEMs at the price of innovation, quality, and technological advancement on the part of Chinese automotive OEMs.
According to Li, this has caused domestic automotive OEMs to become complacent because they rely on the profits from joint ventures with foreign partners rather than pushing their own businesses to hire top talent and make improvements because they know they will own half of the joint ventures run with successful foreign manufacturers that produce sizable amounts of sales. He has previously spoken in favour of state-owned automakers joining up with for-profit businesses.
Li Shufu Political Views
One of the 94 delegates chosen from Zhejiang, Li is an independent non-party affiliated delegate to the 13th National People’s Congress.
Li Shufu Net Worth
Li Shufu has a net worth of $14.6 billion as of Jan 2023. The majority of his wealth comes from Geely Automobile Holdings, which he owns solely.
According to a 2021 Hong Kong stock exchange filing, Li directly owns around 2% of publicly traded Geely Automobile. Additionally, according to Bloomberg, he individually controls 1% of the shares of the publicly traded investment firm Tonbridge Holdings.
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Geely Automobile Holdings