|Born||25 June 1963|
|Occupation||Chairman, Zhejiang Geely Holding Group Co. Ltd..|
|Net worth||US$ 17.4 billion (February 2018)|
|Board member of||Geely Automobile|
|Spouse(s)||Li Wang |
Li Shufu was born in Taizhou, Zhejiang, China in 1963. He was launched as the founder and chairman of Geely Automobile in 1986, which is the second largest private automobile manufacturer in China. Currently, He resides in Hangzhou, the capital city of Zhejiang province.
Li announced in November 2018 that he has entered into an agreement with the China Aerospace Science and Industry Corp. to build a new line of supersonic bullet trains. The plan is for the trains to run using newly developed technology. Li said, "Core technology can't be bought. The more you use others' technology, the more reliant you become. We have to innovate on our own. The journey will be tough but the prospects are promising."
On 28 March 2010, Geely signed a deal worth US$ 1.8 billion to buy Volvo Cars from American automobile manufacturer Ford Motor Company. It was the largest foreign purchase by a Chinese car manufacturer. Along with $900m of working capital from Geely and a commitment to build a Volvo factory in China, Li had a target of driving sales to 600,000 by 2015 in the domestic market.
Geely Group sponsored Chin'sa Jia B League team Guangzhou F.C. in 2001. However, after the 2001 China Jia B League Match Fixing, at the end of the season, Li ended his involvement sponsoring football and was quoted as saying, "We won't come back until the Chinese football environment gets better."
Criticism of domestic automotive industryEdit
Li has criticized the automotive industry joint venture system in China, which has led to large profits for the foreign original equipment manufacturers (OEMs) and their Tier 1 suppliers at the expense of innovation, quality and technology advancement by Chinese automotive OEMs. According to Li, this has led to complacency by domestic automotive OEMs in reliance on profits from the foreign partners through joint ventures instead of driving their own organisations to hire the best talent and improve. Chinese automotive brands have become complacent, he said, knowing they would control half of joint ventures run with profitable overseas manufacturers that generate healthy sales fuelled by foreign brands. “This actually is not so constructive for the healthy growth of the ‘kids’,” Li said. “It has defeated its own purpose by harming the Chinese players“. He has previously argued for state-owned automotive manufacturers to tie up with private Chinese partners.
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