https://www.scmp.com/rss/44606/feed Dating back to 1927, when its first model was built, Volvo Group used to build trucks and cars, as well as marine and aero engines. In 1999, it sold its car business to Ford Motor for US$6.45 billion, and focused on commercial vehicles. Ford sold Volvo to China’s Geely in 2010. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Danielle Popov Danielle Popov Mercedes-Benz on Thursday said it completed the acquisition of a 3 per cent stake, worth 1.34 billion yuan (US$191 million), in motorcycle maker-turned-autonomous driving systems developer Chongqing Qianli Technology, three months after the deal was first announced. The transaction involved Mercedes-Benz Digital Technology, the German carmaker’s tech unit, and Shanghai-listed Lifan Holdings, which transferred 135.6 million shares of Qianli at 9.87 yuan per share. Before the transaction, Lifan... https://www.scmp.com/business/china-business/article/3337719/mercedes-benz-acquires-stake-chinese-autonomous-driving-developer-us191-million?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337719/mercedes-benz-acquires-stake-chinese-autonomous-driving-developer-us191-million?utm_source=rss_feed Thu, 25 Dec 2025 13:00:08 +0000 Danielle Popov Danielle Popov Tesla, Volvo and Mercedes-Benz have become the first foreign carmakers approved to deploy artificial intelligence chatbots in their vehicles in China, marking a potential acceleration of Beijing’s vetting process for AI services. The Cyberspace Administration of Beijing said in a notice that it registered the “Mercedes-Benz virtual assistant” as a generative AI service on Tuesday, the same day the Shanghai cyberspace administration approved Tesla Shanghai’s xBot service and Volvo’s local chatbot... https://www.scmp.com/tech/big-tech/article/3332674/tesla-volvo-and-mercedes-benz-win-chinas-approval-deploy-ai-chatbots-cars?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3332674/tesla-volvo-and-mercedes-benz-win-chinas-approval-deploy-ai-chatbots-cars?utm_source=rss_feed Thu, 13 Nov 2025 11:26:25 +0000 Daniel Ren Daniel Ren International brands led by Tesla are intensifying their efforts to compete with Chinese electric-vehicle (EV) manufacturers like BYD, as they showcase advanced intelligence and autonomous-driving technology to attract visitors at the world’s largest import-export trade fair in Shanghai. The 12 major carmakers, including General Motors and Volvo, are leveraging the China International Import Expo (CIIE), which runs through Monday, to promote their latest models featuring longer ranges, enhanced... https://www.scmp.com/business/companies/article/3332025/tesla-and-global-carmakers-race-against-chinese-ev-rivals-shanghai-import-expo?utm_source=rss_feed https://www.scmp.com/business/companies/article/3332025/tesla-and-global-carmakers-race-against-chinese-ev-rivals-shanghai-import-expo?utm_source=rss_feed Sun, 09 Nov 2025 02:00:14 +0000 Daniel Ren Daniel Ren Geely Auto, mainland China’s second-largest carmaker, reported a 14 per cent drop in first-half profit even as revenue surged on sales of electric vehicles (EVs) to budget-conscious consumers aided by heavy discounts. Profit for the January to June period came in at 9.3 billion yuan (US$1.3 billion) versus 10.8 billion yuan a year earlier based on international accounting standards, according to a filing to the Hong Kong stock exchange on Thursday. The profit exceeded the 7.6 billion yuan... https://www.scmp.com/business/china-business/article/3321868/chinese-tycoon-li-shufus-geely-auto-posts-first-half-profit-decline-beats-estimates?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3321868/chinese-tycoon-li-shufus-geely-auto-posts-first-half-profit-decline-beats-estimates?utm_source=rss_feed Thu, 14 Aug 2025 10:00:45 +0000 Hadi Azmi Hadi Azmi Hackers are increasingly targeting Malaysia’s growing automotive sector, cybersecurity experts have warned in a new report that raises alarm over gaps in threat detection, including potential data theft via phones hooked to digital dashboards on vehicles. A key automotive manufacturing hub in Southeast Asia, Malaysia has attracted around 26 billion ringgit (US$6.15 billion) in electric vehicle investments since 2018 from global marquee names including Tesla, Mercedes-Benz, Volvo, BMW, Porsche,... https://www.scmp.com/week-asia/economics/article/3320100/hackers-target-malaysia-ev-boom-cybersecurity-flaws-revealed?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3320100/hackers-target-malaysia-ev-boom-cybersecurity-flaws-revealed?utm_source=rss_feed Wed, 30 Jul 2025 06:16:50 +0000 Xiaofei Xu Xiaofei Xu Chinese and American negotiators will gather in Stockholm for a much-anticipated third round of trade talks on Monday, putting the Swedish capital in the spotlight and prompting questions as to why the Scandinavian country was the venue of choice for the world’s two biggest economies. It began at a meeting of finance chiefs from the Group of 20 countries in South Africa earlier this month, where Sweden had been invited for the first time. Both China and the US approached the delegation from... https://www.scmp.com/economy/global-economy/article/3319597/china-and-us-wanted-sweden-host-their-next-round-trade-talks-why?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3319597/china-and-us-wanted-sweden-host-their-next-round-trade-talks-why?utm_source=rss_feed Sun, 27 Jul 2025 08:30:08 +0000 Yujie Xue Yujie Xue Global sales of electric and plug-in hybrid vehicles surged 24 per cent in June from a year earlier, driven by strong demand in China and Europe, while the US fell behind, according to the market research firm Rho Motion. A total of 1.8 million battery-powered electric vehicles (BEVs) and plug-in hybrids were sold last month, the London-based firm said on Tuesday. Sales in China jumped 28 per cent to 1.11 million units, or 60 per cent of the worldwide total, while Europe’s demand rose 23 per... https://www.scmp.com/business/china-evs/article/3318380/china-and-europe-power-24-growth-global-ev-sales-june?utm_source=rss_feed https://www.scmp.com/business/china-evs/article/3318380/china-and-europe-power-24-growth-global-ev-sales-june?utm_source=rss_feed Wed, 16 Jul 2025 04:21:28 +0000 Alex Lo Alex Lo Genocides committed or sponsored by the West have often been a highly profitable business. Whether it was against the native American population in the United States throughout much of the 19th century, the colonisation of the Congo by King Leopold II of Belgium, or the Nazi Holocaust, many individuals and companies have profited greatly from humanity’s worst crimes – through direct participation or by providing services and support. A new report by Francesca Albanese, the courageous UN special... https://www.scmp.com/opinion/world-opinion/article/3317502/its-time-business-stop-profiting-israels-economy-genocide?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3317502/its-time-business-stop-profiting-israels-economy-genocide?utm_source=rss_feed Thu, 10 Jul 2025 01:00:11 +0000 Wang Huiyao Wang Huiyao At a recent Singapore conference on Chinese companies going global, I spoke on deglobalisation and the emerging contours of Globalisation 3.0. Perhaps more than ever, we need to look ahead to new ideas and concepts to tackle whatever the future holds. When China started its reform and opening up in 1978, its economy, shaped by autarkic experience and self-reliance, was still “in China for China”. In tapping world-changing market forces, the economy entered a period of “in China for the world” as... https://www.scmp.com/opinion/china-opinion/article/3315681/chinese-companies-can-spearhead-new-wave-globalisation?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3315681/chinese-companies-can-spearhead-new-wave-globalisation?utm_source=rss_feed Thu, 26 Jun 2025 08:30:08 +0000 Robert Delaney Robert Delaney Many Americans who came of age in the 1980s will remember when Honda Accords and Toyota Camrys became the preferred family vehicles, quietly replacing US models. When quality, reliability and price were factored in, patriotism was the only remaining reason to keep an American-made car on the driveway. Two high-school friends and I each got well-worn hand-me-down cars when we started commuting to college. Dave got a Ford Fairmont estate car, which he called “the hearse”. Gary got a Buick Skylark... https://www.scmp.com/opinion/world-opinion/article/3309961/how-trumps-erratic-tariffs-could-crash-his-us-car-production-goals?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3309961/how-trumps-erratic-tariffs-could-crash-his-us-car-production-goals?utm_source=rss_feed Mon, 12 May 2025 12:30:08 +0000 Yujie Xue Yujie Xue Xpeng, a maker of premium electric vehicles (EVs), chose Hong Kong as its first stop outside mainland China to set up a self-branded supercharging station, as the industry’s ambition extends to charging technologies. On Friday, the company said it would partner with Malaysian car distributor Sime Darby to build its first charging station in Hong Kong’s Convention Square in Wan Chai. Xpeng would be the first mainland-based company to set up a self-branded supercharging network in the city, it... https://www.scmp.com/business/article/3303372/xpeng-sets-first-self-branded-ev-supercharging-station-hong-kong?utm_source=rss_feed https://www.scmp.com/business/article/3303372/xpeng-sets-first-self-branded-ev-supercharging-station-hong-kong?utm_source=rss_feed Fri, 21 Mar 2025 10:15:17 +0000 Everyone can name an operating system from a computer or smartphone – but what about a car? Few of us realise that we’ve technically been driving with them since the first electronic control units (ECUs) in the early 1970s. More comfort and safety functions led to more control units. Since the introduction of the so-called CAN (controller area network) bus system in the early 1990s, control units can be networked with each other. At that time, the Mercedes S-class W140 was the first car with a... https://www.scmp.com/lifestyle/gadgets/article/3291937/automotive-operating-systems-roll-drivers-seek-smartphone-style-car-features?utm_source=rss_feed https://www.scmp.com/lifestyle/gadgets/article/3291937/automotive-operating-systems-roll-drivers-seek-smartphone-style-car-features?utm_source=rss_feed Mon, 23 Dec 2024 09:15:08 +0000 Daniel Ren,Yujie Xue Daniel Ren,Yujie Xue Li Shufu, the billionaire who controls one of China’s biggest electric vehicle (EV) makers, is consolidating his business under Hong Kong-listed Geely Auto; he and his associates will extract more than US$2 billion by selling their stakes in the process. Geely Auto has agreed to buy an 11.3 per cent stake in New York-listed Zeekr Intelligent Technology for US$806.1 million or US$26.87 per share, according to a stock exchange filing on Thursday. The purchase will raise its stake to 62.8 per cent.... https://www.scmp.com/business/china-business/article/3286643/geely-reorganise-zeekr-lynk-units-founder-investors-extract-us2-billion-deals?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3286643/geely-reorganise-zeekr-lynk-units-founder-investors-extract-us2-billion-deals?utm_source=rss_feed Fri, 15 Nov 2024 01:05:54 +0000 A near-audible sigh of relief emanated from European Commission headquarters on Friday as it gained enough backing from the EU’s 27 members to slap tariffs on Chinese-made electric vehicles. In the end, the result was not even close: just five of the 15 capitals required to block duties of up to 35.3 per cent on the imports voted against, despite frantic lobbying from Beijing and Berlin to oppose them. A dozen abstentions might not look like glowing support on paper, but in Brussels they were... https://www.scmp.com/news/china/diplomacy/article/3281178/win-china-ev-tariffs-vote-leaves-eu-relieved-yet-wary-over-beijings-likely-retaliation?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3281178/win-china-ev-tariffs-vote-leaves-eu-relieved-yet-wary-over-beijings-likely-retaliation?utm_source=rss_feed Sat, 05 Oct 2024 04:00:10 +0000 Many Chinese electric vehicle (EV) makers are shifting from exporting vehicles to the European Union to producing them within Europe to find ways around tariffs. While the rationale of this strategy is sound, its successful implementation can be challenging. To succeed, Chinese EV firms should learn from the management experiences of Haier and BYD in the United States. The EU is poised to raise tariffs on EVs imported from China after negotiators failed to reach a deal in Brussels on September... https://www.scmp.com/opinion/china-opinion/article/3279886/how-chinese-ev-makers-can-survive-and-thrive-europe?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3279886/how-chinese-ev-makers-can-survive-and-thrive-europe?utm_source=rss_feed Thu, 26 Sep 2024 21:30:08 +0000 Volvo Car has started to shift manufacturing of Chinese-made electric vehicles (EV) to Belgium as the European Union prepares to impose tariffs on China-made EVs, the Times reported. On top of transferring production of Volvo’s EX30 and EX90 models to Belgium, the carmaker may also move assembly of some Volvo models bound for the UK, the report said, citing unidentified people. Volvo, which is owned by Zhejiang Geely Holding Group, is seen as the most exposed among Western carmakers to the... https://www.scmp.com/business/companies/article/3266032/geely-owned-volvo-shifting-ev-production-belgium-china-report-says?utm_source=rss_feed https://www.scmp.com/business/companies/article/3266032/geely-owned-volvo-shifting-ev-production-belgium-china-report-says?utm_source=rss_feed Mon, 10 Jun 2024 07:37:08 +0000 Over the past two decades, China’s presence in Latin America has been synonymous with major infrastructure projects and the exploitation of natural resources. A recently published study suggests, however, that the wind is now blowing in a different direction. Following the failure of some Belt and Road Initiative investments in the region and a slowdown in China’s economy, data analysed by the Inter-American Dialogue, a Washington think tank, indicates that Chinese money is now flowing into... https://www.scmp.com/news/china/article/3252865/chinas-latin-american-investments-downshift-smaller-more-strategic-projects?utm_source=rss_feed https://www.scmp.com/news/china/article/3252865/chinas-latin-american-investments-downshift-smaller-more-strategic-projects?utm_source=rss_feed Thu, 22 Feb 2024 14:00:12 +0000 Tesla ships more electric vehicles from China to Europe than any other company – but the carmaker is not one of a small pool of firms being investigated by the EU over potential market-distorting subsidies, the Post has learned. Brussels is instead focused on three Chinese-owned manufacturers, seeking to level the playing field for European EV makers. But this does not mean Tesla is off the hook. Should the EU investigation turn up evidence of subsidies, the bloc would calculate an average... https://www.scmp.com/news/china/article/3239348/tesla-not-part-eu-investigation-chinese-carmaker-subsidies-could-still-face-duties?utm_source=rss_feed https://www.scmp.com/news/china/article/3239348/tesla-not-part-eu-investigation-chinese-carmaker-subsidies-could-still-face-duties?utm_source=rss_feed Thu, 26 Oct 2023 20:25:58 +0000 Chinese electric-car maker Zeekr is banking on extra momentum from sister companies like Volvo Car to push into Europe, just as Chinese carmakers’ ambitions in the region move into the cross hairs of global trade tensions. The company, part of billionaire Li Shufu’s sprawling auto empire that also includes a stake in Mercedes-Benz Group, started European sales of two models just weeks ago and plans to add another seven by 2025. The aspirations could hit a roadblock should the European Union... https://www.scmp.com/business/companies/article/3235735/chinese-ev-maker-zeekr-sweeps-europe-amid-subsidy-spat?utm_source=rss_feed https://www.scmp.com/business/companies/article/3235735/chinese-ev-maker-zeekr-sweeps-europe-amid-subsidy-spat?utm_source=rss_feed Mon, 25 Sep 2023 09:34:18 +0000 China’s Geely Automobile Holdings will double its stake in Aston Martin Lagonda Global Holdings, becoming the UK sports car maker’s third biggest shareholder in a transaction that will unlock £95 million (US$118 million) for the company. As part of a £234 million transaction, Geely will acquire a 17 per cent stake in the company, purchasing 42 million shares from chairman Lawrence Stroll’s Yew Tree consortium along with 28 million new shares, Aston Martin said in a stock exchange filing. Geely... https://www.scmp.com/business/companies/article/3221030/chinas-geely-controlled-billionaire-li-shifu-double-aston-martin-stake-us291-million-deal?utm_source=rss_feed https://www.scmp.com/business/companies/article/3221030/chinas-geely-controlled-billionaire-li-shifu-double-aston-martin-stake-us291-million-deal?utm_source=rss_feed Thu, 18 May 2023 10:50:41 +0000 Sweden’s government is set to table a proposal on Tuesday that will allow the Nordic nation to veto foreign investments, a move intended to strengthen national security that the country’s business lobby fears will also add unnecessary red tape. The proposed law is the latest in a string of similar initiatives by European countries that are rethinking their relations with China. The European Union’s executive arm has also proposed placing Chinese companies under trade restrictions as it tries to... https://www.scmp.com/business/article/3220702/swedens-move-block-foreign-investments-worries-businesses?utm_source=rss_feed https://www.scmp.com/business/article/3220702/swedens-move-block-foreign-investments-worries-businesses?utm_source=rss_feed Tue, 16 May 2023 05:51:27 +0000 From sci-fi style concept cars featuring holograms and neon lights, to more run-of-the-mill hatchbacks, some of the world’s biggest automakers showed off their latest models at the bustling auto show in Shanghai. Once again, battery power took center stage, with makers jostling to show off their electrification credentials. Here’s a selection of the best cars the show has to offer: BYD Yangwang U9 BYD’s two-door sports supercar can go from zero to 60 miles an hour (96 kilometres per hour) in... https://www.scmp.com/business/companies/article/3217550/shanghai-auto-show-byds-crab-walking-car-nissans-holographic-wheels-and-all-glass-roof-its-all?utm_source=rss_feed https://www.scmp.com/business/companies/article/3217550/shanghai-auto-show-byds-crab-walking-car-nissans-holographic-wheels-and-all-glass-roof-its-all?utm_source=rss_feed Wed, 19 Apr 2023 05:39:31 +0000 China’s Geely is planning a big investment to turn the maker of London’s iconic black taxis into a high-volume, all-electric brand with a range of commercial and passenger vehicles, executives at the unit told Reuters. London Electric Vehicle Company (LEVC) also aims to expand its suite of services, which include cars arranging their own maintenance and recognising their owner’s interests to help them book activities. “We need a developed product portfolio. We need to make big investments in... https://www.scmp.com/business/companies/article/3207769/chinas-geely-plans-turn-maker-iconic-london-black-cabs-ev-powerhouse?utm_source=rss_feed https://www.scmp.com/business/companies/article/3207769/chinas-geely-plans-turn-maker-iconic-london-black-cabs-ev-powerhouse?utm_source=rss_feed Mon, 23 Jan 2023 07:11:52 +0000 Swedish Consul General Per Augustsson’s fondest memories of Christmas in his winter wonderland home country is enjoying the snow, amid lights, sleigh bells and festivities. “The city is covered in snow. It creates a very special atmosphere,” Augustsson said. “It’s also fun to be outside. You can go skating on the lakes because the lakes are frozen. You can also go skiing.” Temperatures in Hong Kong, however, reach nearly 30 degrees Celsius (86 Fahrenheit) even in November, so the atmosphere in... https://www.scmp.com/news/hong-kong/society/article/3202016/operation-santa-claus-touch-frost-and-warm-heart-brings-swedish-festive-cheer-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3202016/operation-santa-claus-touch-frost-and-warm-heart-brings-swedish-festive-cheer-hong-kong?utm_source=rss_feed Tue, 06 Dec 2022 02:00:12 +0000 Zhejiang Geely Holding Group, one of China’s largest privately-owned carmakers and owner of Sweden’s Volvo Cars, said on Friday that it had taken a nearly 8 per cent stake in British ultra-luxury carmaker Aston Martin. The Hangzhou-based carmaker took a 7.6 per cent stake in Aston Martin Lagonda Global Holdings – the maker of sports cars favoured by fictional secret agent James Bond – for an undisclosed amount, according to a stock exchange filing in London on Friday. The stake purchase came as... https://www.scmp.com/business/china-business/article/3194456/volvo-owner-geely-takes-8-cent-stake-british-ultra-luxury?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3194456/volvo-owner-geely-takes-8-cent-stake-british-ultra-luxury?utm_source=rss_feed Fri, 30 Sep 2022 12:15:10 +0000 Chinese carmaking giant and Volvo Car owner Geely Automobile Group plans to deliver electric trucks in 2024. Zhejiang-based Geely unveiled its electric truck, called Homtruck, late on Monday and said it aimed to produce 570,000 trucks by 2030. “An upgrade of the next generation of vehicles was imminent, particularly commercial vehicles, as they put a heavy burden on the environment,” Li Shufu, Geely’s billionaire founder, said during the launch. The Homtruck’s launch follows in the footsteps of... https://www.scmp.com/business/companies/article/3155433/volvo-owner-geely-joins-byd-tesla-electric-truck-fray-launches?utm_source=rss_feed https://www.scmp.com/business/companies/article/3155433/volvo-owner-geely-joins-byd-tesla-electric-truck-fray-launches?utm_source=rss_feed Tue, 09 Nov 2021 12:30:12 +0000 Volvo Car slashed its initial public offering (IPO) by a fifth, making it the latest in a string of European companies to pull back from equity markets roiled by soaring energy costs and persistent supply chain delays. The carmaker, owned by China’s Zhejiang Geely Holding Group, is now selling shares to raise about 20 billion kronor (US$2.3 billion), Volvo said Monday. It also set a price of 53 kronor a share, at the low end of its initial range. A glut of similar IPOs and the hard-to-value... https://www.scmp.com/business/companies/article/3153594/volvo-cuts-size-its-initial-public-offering-fifth-us23-billion?utm_source=rss_feed https://www.scmp.com/business/companies/article/3153594/volvo-cuts-size-its-initial-public-offering-fifth-us23-billion?utm_source=rss_feed Mon, 25 Oct 2021 08:23:01 +0000 Lynk & Co, a mid-range car brand spawned out of Geely’s takeover of Volvo Cars, launched a mid-size SUV to take on bestselling electric vehicle models assembled by Tesla and Chinese start-up NIO. The Chinese-Swedish carmaker, which is well-established in European markets like Germany, Denmark and Belgium, said it was expanding in the Middle East, with plans to deliver cars in Kuwait and Saudi Arabia this quarter. It will also expand into other Asian markets “in due course”. “Lynk has the... https://www.scmp.com/business/companies/article/3153067/geelys-lynk-co-car-brand-launches-mid-size-suv-heads-saudi?utm_source=rss_feed https://www.scmp.com/business/companies/article/3153067/geelys-lynk-co-car-brand-launches-mid-size-suv-heads-saudi?utm_source=rss_feed Wed, 20 Oct 2021 16:30:23 +0000 French carmaker Renault Group is returning to the mainland China’s passenger car market, the world’s largest, with a new partnership with Geely, more than a year after quitting a venture in Wuhan with a local rival. Renault and privately-held Zhejiang Geely Holding Group – which owns Geely Auto, Volvo Cars and a stake in Daimler – agreed to share resources and technologies to focus on making hybrid vehicles for Asian markets, according to a statement on Monday. No other details were disclosed in... https://www.scmp.com/business/companies/article/3144315/china-ev-market-renault-eyes-comeback-geely-tie-after-exiting?utm_source=rss_feed https://www.scmp.com/business/companies/article/3144315/china-ev-market-renault-eyes-comeback-geely-tie-after-exiting?utm_source=rss_feed Mon, 09 Aug 2021 01:30:32 +0000 Geely Automobile Holdings, China’s largest private carmaker, has decided to scrap a secondary listing on Star Market, the Shanghai Stock Exchange’s Nasdaq-like board for start-ups, it said on Friday. The Hangzhou-based carmaker will not proceed with its plan to raise as much as 20 billion yuan (US$3.1 billion) through the sale of yuan-denominated A shares, it said in a filing with the exchange in Hong Kong, where it is listed. “The company decided to withdraw the application for the proposed RMB... https://www.scmp.com/business/article/3138823/chinese-carmaker-geely-scraps-us3-billion-secondary-listing-shanghais?utm_source=rss_feed https://www.scmp.com/business/article/3138823/chinese-carmaker-geely-scraps-us3-billion-secondary-listing-shanghais?utm_source=rss_feed Sat, 26 Jun 2021 00:30:24 +0000 Geely Automobile jumped by the most in nearly three weeks in Hong Kong after the Chinese automaker called off a merger plan with Volvo Cars, to focus instead on collaboration in some parts of its manufacturing unit. Its shares climbed as much as 4.8 per cent to HK$27.15 before trading at HK$26.65 at 2.30pm local time. They had declined in the previous six trading days to the lowest level since December 30. Both parties have now agreed to an equity merger of their powertrain operations, according... https://www.scmp.com/business/china-business/article/3123099/geely-automobiles-shares-surge-it-scraps-full-merger-pursue?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3123099/geely-automobiles-shares-surge-it-scraps-full-merger-pursue?utm_source=rss_feed Thu, 25 Feb 2021 08:06:30 +0000 China’s Geely Automobile Holdings and its Swedish affiliate Volvo Cars will collaborate more closely on electric and self-driving vehicles while putting off earlier plans to merge. The manufacturers will preserve their separate corporate structures while cooperating more closely on power trains, electrification and autonomous-driving technology, according to a joint statement. While they’ll no longer pursue a combination as announced in February of last year, new listings could be on the... https://www.scmp.com/business/companies/article/3122995/geely-and-volvo-call-merger-favour-increased-collaboration?utm_source=rss_feed https://www.scmp.com/business/companies/article/3122995/geely-and-volvo-call-merger-favour-increased-collaboration?utm_source=rss_feed Wed, 24 Feb 2021 14:34:21 +0000 The Chinese owner of Volvo Cars announced it will become the country’s first private company to build satellites, as its billionaire chairman Li Shufu follows Elon Musk into space. Li’s Zhejiang Geely Holding Group started building a production-and-testing centre in Taizhou, a city in the eastern coastal province of Zhejiang, on Tuesday, the company said in a statement. Hangzhou-based Geely plans to begin the launch of commercial low-orbit satellites by the end of this year, it said. Li is... https://www.scmp.com/tech/big-tech/article/3064807/geely-chairman-li-shufu-starts-satellite-venture-rival-elon-musks?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3064807/geely-chairman-li-shufu-starts-satellite-venture-rival-elon-musks?utm_source=rss_feed Tue, 03 Mar 2020 11:19:47 +0000 Chinese automobiles tycoon Li Shufu plans to merge Geely Automobile Holdings, the Hong Kong-listed unit of his company, Zhejiang Geely Holding Group, with Volvo Cars, which he acquired from Ford Motors in 2010, in a move that will create a global car manufacturing powerhouse. Geely Automobile Holdings said in a filing to the Hong Kong stock exchange on Monday evening that it was in preliminary talks with Volvo about a merger, and that the combined entity could list either in Hong Kong or... https://www.scmp.com/business/companies/article/3050019/chinese-automobiles-tycoon-li-shufu-merge-geely-volvo-first-step?utm_source=rss_feed https://www.scmp.com/business/companies/article/3050019/chinese-automobiles-tycoon-li-shufu-merge-geely-volvo-first-step?utm_source=rss_feed Tue, 11 Feb 2020 08:59:19 +0000 When car tycoon Li Shufu emerged as a suitor for Volvo Cars a decade ago, few outside China had heard of him. Now the billionaire’s name pops up as soon as there is a whiff of a deal in the industry. Not only did Li’s Zhejiang Geely Holding Group snap up Volvo in 2010, he made the acquisition work and followed up with purchases of Lotus Cars, London’s iconic black cabs and a stake in Daimler AG. Last week, Geely emerged as a potential investor in Aston Martin, and last year was approached by the... https://www.scmp.com/magazines/style/news-trends/article/3047189/why-geelys-billionaire-founder-li-shufu-wants-more?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3047189/why-geelys-billionaire-founder-li-shufu-wants-more?utm_source=rss_feed Thu, 23 Jan 2020 03:00:17 +0000 Nestled in the foothills of the Blue Ridge Mountains between Atlanta and Charlotte, Greenville County was the heart of textile country in South Carolina for much of the 20th century. Many of the spinning rooms in the area are now gone, replaced by advanced manufacturing ranging from power-generating turbines for General Electric to sport utility vehicles (SUVs) for German carmaker BMW in neighbouring Spartanburg County. The transformation – and health – of the local economy is a testament to the... https://www.scmp.com/business/companies/article/3045376/trade-war-export-dependent-south-carolina-finds-itself-caught?utm_source=rss_feed https://www.scmp.com/business/companies/article/3045376/trade-war-export-dependent-south-carolina-finds-itself-caught?utm_source=rss_feed Fri, 10 Jan 2020 19:00:14 +0000 The sole ray of sunshine in China’s bleak car market is the luxury segment. While overall sales have shrunk in 14 of the past 15 months, rich consumers have been snapping up locally made premium models, helped by competitive pricing. “The relatively more resilient demand for premium cars is driven by China’s consumption upgrade,” said Toliver Ma, an auto sector analyst at brokerage Guotai Junan International. “Affluent consumers are still willing to spend, even as the economy has long been... https://www.scmp.com/business/companies/article/3031607/chinas-consumption-upgrade-props-shrinking-car-market-locally?utm_source=rss_feed https://www.scmp.com/business/companies/article/3031607/chinas-consumption-upgrade-props-shrinking-car-market-locally?utm_source=rss_feed Sun, 06 Oct 2019 02:30:09 +0000 Volvo will limit the top speed of its cars to 180km/h (112mph) from 2020 in an attempt to reduce the number of accidents. The cap will prevent drivers from accelerating to the top speeds of up to 250km/h many Volvos can reach. The Swedish brand, which was acquired in 2010 by the Chinese firm Zhejiang Geely, has long had a reputation for prioritising road safety and aims to eliminate fatalities where speed is a factor. It said the electronic restriction focused on driver behaviour because... https://www.scmp.com/news/world/europe/article/2188668/volvo-set-180km/h-speed-limit-new-cars-2020?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/2188668/volvo-set-180km/h-speed-limit-new-cars-2020?utm_source=rss_feed Tue, 05 Mar 2019 04:51:29 +0000 The Geneva Motor Show kicks off this week with carmakers eager to show off new electric models, even as they nervously eye a horizon coloured by trade wars and Brexit uncertainty. After years of growth and record profits, the sector took a sharp U-turn in mid-2018 amid an unexpected slowdown in China, which is by far the world’s biggest market, counting one out of three registered cars on the planet. With just over three weeks to go before Britain is supposed to leave the European Union on March... https://www.scmp.com/news/world/europe/article/2188427/carmakers-try-electrify-geneva-motor-show-despite-gloomy-green?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/2188427/carmakers-try-electrify-geneva-motor-show-despite-gloomy-green?utm_source=rss_feed Sun, 03 Mar 2019 10:23:03 +0000 Choosing large crossover SUV makes a lot of sense. It combines the user-friendly nature of passenger cars with the utility of a minivan and much of the off-road prowess of a traditional SUV. Yet for those people looking for a more refined crossover experience, the luxury brands have that covered. Is the Mercedes-AMG GLC 63 S Coupe’s SUV-sports car combo good – or a disastrous union? Two of the best large high-end crossovers we’ve ever tested are the Audi Q7 and the Volvo XC90. The Volvo arrived... https://www.scmp.com/magazines/style/tech-design/article/2175426/which-luxury-suv-better-bet-audis-q7-or-volvos-xc90?utm_source=rss_feed https://www.scmp.com/magazines/style/tech-design/article/2175426/which-luxury-suv-better-bet-audis-q7-or-volvos-xc90?utm_source=rss_feed Sun, 02 Dec 2018 18:03:53 +0000 The luxury SUV segment is getting crowded. That’s because consumers, seemingly overnight, have turned against sedans. What this means is that well-established brands, such as BMW and Mercedes, are somewhat saddled with legacy four-doors whose sales are sliding. Meanwhile, brands that are reinventing themselves have a runway to crank out crossover and surf the trend. Volvo is one of those reinventing brands. The Swedish nameplate is now owned by China’s Geely and over the past few years has been... https://www.scmp.com/magazines/style/tech-design/article/2171721/how-volvos-xc40-suv-shows-chinas-geely-brand-has-hit-its?utm_source=rss_feed https://www.scmp.com/magazines/style/tech-design/article/2171721/how-volvos-xc40-suv-shows-chinas-geely-brand-has-hit-its?utm_source=rss_feed Mon, 05 Nov 2018 09:07:07 +0000 Baidu pushed deeper into autonomous driving with plans to start producing self-driving passenger cars with the state-owned FAW Group next year, with similar plans to develop models with Volvo Cars for China, the world’s biggest passenger vehicle market. The Beijing-based internet search giant, which has in recent years invested heavily in its Apollo autonomous driving platform, unveiled a joint developed self-driving model with FAW at the Baidu Tech 2018 conference on Thursday. The car is... https://www.scmp.com/tech/enterprises/article/2171209/volvo-baidu-team-develop-self-driving-cars-china?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/2171209/volvo-baidu-team-develop-self-driving-cars-china?utm_source=rss_feed Thu, 01 Nov 2018 06:45:45 +0000 Li Shufu, chairman of Zhejiang Geely, which owns Volvo Car, said on Thursday higher tariffs on imported cars resulting from escalated trade tensions between the United States, Europe and China will ultimately hit end users of the high-end Swedish vehicles. Li, who is also chairman of Volvo Car, was speaking at a Belt and Road summit in Hong Kong. He said Volvo had enjoyed better economies of scale because tariffs were low and it was able to diversify its production base for different car models... https://www.scmp.com/business/article/2152965/geely-higher-tariffs-will-hurt-volvo-car-customers-globally?utm_source=rss_feed https://www.scmp.com/business/article/2152965/geely-higher-tariffs-will-hurt-volvo-car-customers-globally?utm_source=rss_feed Thu, 28 Jun 2018 11:23:43 +0000 China’s Geely Holding has assumed ownership of a 14.9 per cent voting stake in Swedish truck maker AB Volvo, a disclosure notice showed on Monday, completing a deal which has been pending since December. Geely’s deal to buy activist fund firm Cevian Capital’s stake in the Swedish truck and construction equipment maker was announced on Dec 27 last year. Under the terms of the deal, Nomura International Plc and Barclays Capital Securities Limited first acquired Cevian’s shares, with an undertaking... https://www.scmp.com/business/companies/article/2151342/geely-completes-deal-buy-149-cent-stake-ab-volvo?utm_source=rss_feed https://www.scmp.com/business/companies/article/2151342/geely-completes-deal-buy-149-cent-stake-ab-volvo?utm_source=rss_feed Mon, 18 Jun 2018 16:05:30 +0000 In the race to start the world’s first driving business without human drivers, everyone is chasing Alphabet’s Waymo. The Google sibling has cleared the way to beat its nearest rivals, General Motors (GM) and a couple of other players, by at least a year to introduce driverless cars to the public. A deal reached in January to buy thousands of additional Chrysler Pacifica minivans, which get kitted out with sensors that can see hundreds of metres in any direction, puts Waymo’s lead into stark... https://www.scmp.com/tech/enterprises/article/2145057/whos-winning-self-driving-car-race?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/2145057/whos-winning-self-driving-car-race?utm_source=rss_feed Mon, 07 May 2018 13:45:45 +0000 Swedish truck maker AB Volvo dropped the chief executive of Volvo Cars from its board after Chinese billionaire Li Shufu, founder and chairman of Zhejiang Geely Holding Group, bought a 9.7 per cent stake in German car manufacturer Daimler. The move is the latest sign that the global auto industry is ratcheting up pressure on Geely, which owns Volvo Cars and has a 8.2 per cent stake in AB Volvo, to reveal its global strategy amid active asset buying around the world. “The reason Hakan Samuelsson... https://www.scmp.com/business/companies/article/2134968/ceo-geely-owned-volvo-cars-loses-board-seat-truck-maker-after-li?utm_source=rss_feed https://www.scmp.com/business/companies/article/2134968/ceo-geely-owned-volvo-cars-loses-board-seat-truck-maker-after-li?utm_source=rss_feed Tue, 27 Feb 2018 13:15:22 +0000 Organisers have called on the public to get behind the Volvo Ocean Race when the seven-yacht fleet arrives in Hong Kong from Melbourne next week, heralding it as a once-in-a-lifetime experience to watch racing at its best. Hong Kong hosts the end of the fourth leg of the 45,000-nautical mile race with the city the only stopover in Asia from a total of 10 legs that also featuresLisbon, Melbourne, Auckland, Cape Town, Gothenburg and The Hague. “We don’t know if we can bring the event back to Hong... https://www.scmp.com/sport/hong-kong/article/2127357/once-lifetime-experience-enjoy-action-and-fun-volvo-ocean-race?utm_source=rss_feed https://www.scmp.com/sport/hong-kong/article/2127357/once-lifetime-experience-enjoy-action-and-fun-volvo-ocean-race?utm_source=rss_feed Mon, 08 Jan 2018 13:18:16 +0000 Hong Kong joined the nautical world in celebration as the 13th edition of the Volvo Ocean Race set out from Alicante, Spain, on Sunday, launching the official countdown to Hong Kong’s first-ever hosting of this historic race. The event marked 90 days to when the seven-yacht fleet is expected to sail into Victoria Harbour. The Hong Kong leg will be the fifth of 12 stages on this year’s 45,000-nautical-mile adventure with the boats expected to arrive on January 20 as they complete legs in... https://www.scmp.com/sport/hong-kong/article/2116481/countdown-begins-volvo-ocean-race-hong-kong?utm_source=rss_feed https://www.scmp.com/sport/hong-kong/article/2116481/countdown-begins-volvo-ocean-race-hong-kong?utm_source=rss_feed Sun, 22 Oct 2017 10:18:05 +0000 David Witt made a promise to himself that his next Volvo Ocean Race experience would be on his own terms. That was in 1998 when he was part of the Norway’s Innovation Kvaerner team who finished fourth. Now, 20 years later, 46-year-old Australian Witt is about to fulfil his dream as he skippers Hong Kong’s Sun Hung Kai/Scallywag in the 2017-2018 race with a crew who are not only physically prepared for the testing 45,000 nautical-mile race but who are also mentally fine-tuned for a nine-month... https://www.scmp.com/sport/article/2116409/hong-kongs-sun-hung-kai/scallywag-gives-david-witt-chance-tackle-volvo-ocean?utm_source=rss_feed https://www.scmp.com/sport/article/2116409/hong-kongs-sun-hung-kai/scallywag-gives-david-witt-chance-tackle-volvo-ocean?utm_source=rss_feed Sat, 21 Oct 2017 10:40:10 +0000 Volvo, the Swedish car maker owned by Zhejiang Geely Holding, has joined the fray to tap China’s buoyant new-energy vehicle market by announcing its plans for the new Polestar brand. The company unveiled its Polestar 1 model in Shanghai on Tuesday night, a luxury four-seater hybrid coupe expected to hit the market in 2019. Volvo and its Chinese parent formed a joint venture to support Polestar’s development and pledged investment of 5 billion yuan (US$755 million) into high-performance electric... https://www.scmp.com/business/companies/article/2115949/volvo-hopes-take-tesla-chinas-electric-car-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/2115949/volvo-hopes-take-tesla-chinas-electric-car-market?utm_source=rss_feed Wed, 18 Oct 2017 12:16:21 +0000