Top Biz News
Biz people of the week: Winners and losers
By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-04-02 16:22
 |
Large Medium Small |
Geely's Li to go global with Volvo deal
Li Shufu, chairman of Zhejiang Geely Group Holding Co Ltd, celebrated the company's agreement for taking over Swedish luxury brand Volvo on Tuesday. The deal made Li a global business celebrity overnight.
Li, a self-made entrepreneur who built Geely from nothing into the country's 10th-biggest car maker in less than two decades, now faces an uphill journey in returning Ford Motor's prestigious but loss-making Volvo brand to profitability.
But he also has an equally big opportunity to use the foreign brand to ramp up sales in the world's largest car market.
Related readings:
Geely's Li to go global with Volvo deal
Geely buys Volvo in biggest overseas foray
Geely could find Volvo a tough nut to crack
