浙江吉利控股集团Geely Holding
Geely Holding: the group, its brands and who controls it
Facts checked
- Private
- Hong Kong Stock Exchange 0175
- Nasdaq Stockholm VOLCAR B
- Nasdaq PSNY
- Nasdaq LOT
Zhejiang Geely Holding Group is a private Chinese automotive group based in Hangzhou. Li Shufu founded it in 1986, making refrigerator components; the business moved into motorcycles in 1994 and into cars in 1997, when it became the first privately owned carmaker in China. Its first car, the Geely Haoqing, came off the line in Linhai, Zhejiang, on 8 August 1998.
The group is unusual among large Chinese carmakers in that the parent is not listed and not state-owned. Li Shufu holds about 82.2% of it directly, his son Li Xingxing about 8.1% and a Ningbo partnership about 9.7%, so Li Shufu controls roughly 91.9% directly or indirectly. Ownership of the brands runs through listed subsidiaries and associates rather than a single company: Geely Automobile Holdings in Hong Kong, Volvo Car AB in Stockholm, Polestar and Lotus Technology on Nasdaq. Zeekr was listed on the New York Stock Exchange from 2024 until Geely Automobile Holdings bought in the shares it did not own and the listing ended on 22 December 2025.
Geely Holding reported group sales of about 4.12 million vehicles in 2025, of which about 2.29 million were new energy vehicles. That total combines Geely Automobile Holdings (3,024,567 units, including Lynk & Co and Zeekr), Volvo Cars (710,042), Proton (162,601), Farizon (162,019) and Polestar (over 60,000). The group builds vehicles and powertrains in China, the United States, the United Kingdom, Sweden, Belgium and Malaysia.
Alongside the brands it controls, Geely Holding and its founder hold minority positions in other carmakers: 14.08% of Aston Martin Lagonda at the end of 2025, a half share of the smart brand with Mercedes-Benz, 34.02% of Renault Korea through Geely Automobile Holdings, and, held personally by Li Shufu rather than by the group, a stake in Mercedes-Benz Group AG dating from 2018.
Key facts
| Chinese name | 浙江吉利控股集团 “JUH-jyahng JEE-lee KONG-goo JEE-twahn” 吉利 Jílì means 'auspicious' or 'lucky'; 浙江 is Zhejiang province, 控股集团 is 'holding group' |
|---|---|
| Legal name | Zhejiang Geely Holding Group Co., Ltd. |
| Ownership | Private |
| Founded | 1986 by Li Shufu |
| Headquarters | Hangzhou, Zhejiang, China |
| Vehicles | Cars, Commercial vehicles, Buses and coaches, Motorcycles and Components |
| Listings | Hong Kong Stock Exchange 0175, Nasdaq Stockholm VOLCAR B, Nasdaq PSNY and Nasdaq LOT |
| Group sales 2025 | About 4.12 million vehicles, of which about 2.29 million new energy vehicles (56% of the total) |
| Geely Automobile Holdings sales 2025 | 3,024,567 vehicles, up 39% year on year; NEV sales 1,687,767, up 90% |
| Geely Automobile Holdings revenue 2025 | RMB 345.2 billion, up 25% year on year; core net profit RMB 14.41 billion |
| Volvo Cars 2025 | 710,042 retail sales; revenue SEK 357.3 billion; 42,600 full-time employees on average |
| R&D staff | More than 30,000 R&D and design personnel; more than RMB 250 billion invested in R&D over the past decade |
| Ownership of the parent | Li Shufu 82.233%, Li Xingxing 8.0583%, Ningbo Yima Enterprise Management Partnership 9.7087% (as disclosed February 2026) |
| Stake in Geely Automobile Holdings | 39.94% of the listed company at 31 December 2023, held through controlled corporations including Proper Glory Holding Inc (26.20%) |
| Manufacturing | Vehicle and powertrain plants in China, the United States, the United Kingdom, Sweden, Belgium and Malaysia |
Ownership tree
- Geely Holding (group)
- Qianjiang Motorcycle (group) Held at 36.61%
- Benelli (brand) Held at 100%
- Keeway (brand) Controlled; the share is not published
- QJMotor (brand) Held at 100%
- Farizon (brand) Controlled; the share is not published
- Geely (brand) Controlled; the share is not published
- Geely Automobile Holdings Limited (company) Held at 39.94%
- Geometry (brand) Controlled; the share is not published
- LEVC (brand) Held at 100%
- Livan (brand)
- Lotus (brand) Controlled; the share is not published
- Lynk & Co (brand) Held at 100%
- Polestar (brand)
- Proton (brand)
- Radar (brand) Controlled; the share is not published
- smart (brand)
- Volvo Cars (brand) Held at 78.65%
- Zeekr (brand) Held at 100%
Who controls Geely Holding?
Li Shufu owns Geely Holding at 82.23% since 1986.
Li Shufu founded Geely Holding in 1986 and owns 82.233% of it directly; his son Li Xingxing holds 8.0583% and Ningbo Yima Enterprise Management Partnership 9.7087%, which Polestar's 2025 annual report summarises as Li Shufu owning about 91.9% directly or indirectly.
Stakes and ventures Geely Holding holds
These are holdings that are not outright ownership, so they are not in the tree above. A joint venture is a third company the two parents built together: the percentage is a share of that venture, never a holding in the partner.
| Holding | What it is | Share | Since | What the source says |
|---|---|---|---|---|
| Lifan (now Qianli Technology) | holds a stake in | not published | 2021 | Geely took a controlling interest in Lifan Technology alongside Chongqing Liangjiang New Area state funds through the court-supervised restructuring completed in 2021, held through a Chongqing investment fund. Percentages were not verified. |
| Polestar | holds a stake in | 11.6% | 2017 | Geely Sweden Automotive Investment B.V., an affiliate of Geely Holding, held 16,738,542 Class A ADSs at 31 December 2025, about 11.6%. On 30 June 2026 about US$300 million of loan principal and interest owed to Geely Sweden Automotive Investment converted into a further 15,511,892 Class A ADSs, so the figure has since risen. |
| Lotus Technology Inc. | holds a stake in | 16.8% | 22 February 2024 | Held through Lotus Technology International Investment Limited, a wholly owned subsidiary of Geely International (Hong Kong) Limited: 108,740,886 ordinary shares, 16.8% of the 647,302,183 shares outstanding at 28 February 2026. Li Shufu is separately deemed to own the 28.8% held by Lotus Advanced Technology Limited Partnership. Shares issued as consideration for the August 2026 purchase of Lotus Advance Technologies will change these figures; no post-completion register has been published. |
| smart | runs a joint venture with | 50% of the joint venture | 8 January 2020 | smart Automobile Co., Ltd. was formally established after regulatory approvals with RMB 5.4 billion of registered capital, contributed equally by the two partners; the Geely side put in RMB 2.7 billion. The global headquarters is at Hangzhou Bay, Ningbo. smart's own newsroom now names the Geely shareholder as Geely Automobile Group Co., Ltd. |
| Proton | holds a stake in | 49.9% | October 2017 | Geely Holding completed the purchase of 49.9% of Proton Holdings Berhad in October 2017 under a May 2017 agreement with DRB-HICOM. On 20 January 2023 Geely International (Hong Kong) Limited agreed to sell that 49.9%, and DRB-HICOM Geely Sdn Bhd, to listed Geely Automobile Holdings for RMB 1,063 million plus US$56,390,000 for the shareholder loan; independent shareholders approved it on 28 April 2023 and it completed that month. Proton is accounted for as an associate, not a subsidiary. |
| Aston Martin Lagonda Global Holdings plc | holds a stake in | 14.08% | September 2022 | Geely Holding took a minority holding in Aston Martin Lagonda in September 2022 and raised it to about 17% on 18 May 2023 under a relationship agreement that lets it appoint a non-executive director and an observer. Aston Martin's annual report records the holding in the name Li Shufu (Geely) at 142,530,859 ordinary shares, 14.08% of total voting rights, at 31 December 2025. |
| AB Volvo | holds a stake in | not published | December 2017 | Geely Holding became a large shareholder in AB Volvo, the truck and construction equipment group, in a purchase announced in December 2017. On 18 April 2024 Geely Sweden Industry Investment AB sold its entire holding of class B shares in an accelerated bookbuilding for about US$1.3 billion, and after the placement kept about 88.5 million class A shares, which carry ten votes each, remaining AB Volvo's second-largest shareholder. AB Volvo's own shareholder pages could not be retrieved on 2026-09-04, so no current percentage of capital or votes is recorded. |
| Renault Korea Co., Ltd. | holds a stake in | 34.02% | 2022 | Announced on 10 May 2022: Geely Automobile Holdings, through Centurion Industries Limited, subscribed for 34.02% of Renault Korea Motors by capital increase, following a January 2022 framework agreement between Geely Holding and Renault Group. Geely Automobile Holdings still lists Renault Korea as a 34.02% associate in its 2025 interim accounts. Renault Group remains the majority shareholder. |
| Livan | runs a joint venture with | 45% of the joint venture | 2022 | Livan is the battery-swap car venture formed in 2022 with Lifan Technology. Geely Automobile Holdings held 45% of Chongqing Livan Automotive Technology as an associate and agreed on 20 February 2024 to sell it to Zhejiang Geely Qizheng Automotive Technology, a Geely Holding company, for RMB 504 million, so the Geely side of the venture now sits with the private parent rather than the listed company. |
| Aston Martin Lagonda Global Holdings plc | holds a stake in | 17% | 18 May 2023 | Geely Holding became an Aston Martin shareholder in September 2022 and raised its holding to about 17% on 18 May 2023, becoming the third-largest shareholder behind Lawrence Stroll's Yew Tree Consortium and Saudi Arabia's Public Investment Fund. The increase carried the right to appoint one non-executive director and one board observer. Whether the holding has been diluted by later capital raisings was not verified for this record. |
| Renault Korea Co., Ltd. | holds a stake in | 34.02% | May 2022 | Geely agreed in May 2022 to take 34.02% of Renault Korea Motors, becoming its second-largest shareholder behind Renault Group's 52.9%. The deal was announced by Renault as a purchase by the listed Geely Automobile Holdings, a Geely Holding company. Renault Korea's Busan plant builds cars on Geely's CMA platform and, from 2025, the Polestar 4. |
| Horse Powertrain Limited | runs a joint venture with | 45% of the joint venture | May 2024 | Geely and Renault each hold 45% of Horse Powertrain Limited, a London-headquartered joint venture formed in late May 2024 to build combustion engines and hybrid systems; Saudi Aramco took the remaining 10% on 3 December 2024. It combines Geely's Aurobay with Renault's Horse division and supplies Renault, Geely, Dacia, Volvo, Lynk & Co, Proton, Nissan and Mitsubishi. |
| Qianjiang Motorcycle | holds a stake in | 36.61% | September 2016 | Geely has been the largest shareholder of the Shenzhen-listed Qianjiang Motorcycle Co (000913) since September 2016, with 36.61%; Wenling Qianjiang Investment Management holds a further 10.05%. Qianjiang owns the Italian marque Benelli, the Keeway and MBP brands and the QJMotor brand. This is the link that makes Benelli Chinese-owned and, through Geely, part of the same group as Volvo Cars and Lotus. |
Brands
| Brand | Held | Origin | Founded | Models | Markets |
|---|---|---|---|---|---|
| 吉利Geely | directly | China | 1997 | 6 | 13 |
| 极氪Zeekr | directly | China | 2021 | 7 | 37 |
| 领克Lynk & Co | directly | China | 2016 | 5 | 14 |
| 沃尔沃Volvo Cars | directly | Sweden | 1927 | 5 | 97 |
| 极星Polestar | directly | Sweden | 2017 | 4 | 28 |
| 路特斯Lotus | directly | United Kingdom | 1948 | 3 | 50 |
| 智马达smart | directly | Germany | 1994 | 3 | 32 |
| 伦敦电动汽车公司LEVC | directly | United Kingdom | 2017 | 1 | 15 |
| 宝腾Proton | directly | Malaysia | 1983 | 1 | 1 |
| 睿蓝Livan | directly | China | 2022 | 0 | 0 |
| 雷达Radar | directly | China | 2022 | 0 | 2 |
| 远程Farizon | directly | China | 2016 | 0 | 1 |
| 几何Geometry | directly | China | 2019 | 0 | 0 |
| 钱江QJMotor | via Qianjiang Motorcycle | China | 2020 | 0 | 7 |
| 贝纳利Benelli | via Qianjiang Motorcycle | Italy | 1911 | 0 | 4 |
| 凯威Keeway | via Qianjiang Motorcycle | Hungary | 1999 | 0 | 4 |
| 力帆Lifan | via Lifan (now Qianli Technology) | China | 1992 | 0 | 1 |
Joint ventures
| Venture | Partner | Since | Note |
|---|---|---|---|
| smart Automobile Co., Ltd. | Mercedes-Benz Group AG | 8 January 2020 | 50/50 venture for the smart brand, formally established after regulatory approvals with RMB 5.4bn of registered capital contributed equally; global headquarters at Hangzhou Bay, Ningbo. |
| HORSE Powertrain Limited | Renault Group | 31 May 2024 | Combustion and hybrid powertrain company announced as a 50/50 venture, headquartered in London; Geely contributed Aurobay, Renault contributed its Horse unit, about 19,000 staff at day one. Saudi Aramco was named in 2023 as a prospective third investor; the current split is not verified here. |
| Renault Korea Co., Ltd. | Renault Group | 10 May 2022 | Geely Automobile Holdings subscribed, through Centurion Industries Limited, for 34.02% of Renault Korea Motors; Renault Group remains the majority shareholder and consolidates the company. Plant in Busan. |
| Proton Holdings Berhad | DRB-HICOM Berhad | October 2017 | Geely side holds 49.9%, DRB-HICOM 50.1%. The Geely stake was transferred from Geely Holding's Hong Kong arm to listed Geely Automobile Holdings in April 2023. |
| Livan Automotive (睿蓝汽车) | Lifan (now Qianli Technology) | 2022 | Battery-swap car venture with Lifan Technology, since renamed Chongqing Qianli Technology. Geely Automobile Holdings sold its 45% to Geely Qizheng, a Geely Holding company, in an agreement dated 20 February 2024. |
| Valencia manufacturing joint venture (announced) | Ford Motor Company | 23 July 2026 | Announced 23 July 2026: Geely Auto 34% and Ford 66% at Ford's Valencia plant in Spain, to build Ford and Geely models. Operations are expected to begin in the first half of 2027, subject to regulatory approval, with first vehicles in 2028. |
| Lotus Advance Technologies Sdn Bhd | Etika Automotive Sdn Bhd | 2017 to 21 August 2026 | The Lotus parent company, held 51% by Geely Holding's Hong Kong arm and 49% by Etika Automotive until both sold their interests into Nasdaq-listed Lotus Technology Inc, which completed the purchase on 21 August 2026. |
Geely Holding: questions people ask
- Who owns Geely?
- Zhejiang Geely Holding Group is privately owned by its founder Li Shufu and his family. Filings by Lotus Technology in February 2026 put Li Shufu at 82.233%, his son Li Xingxing at 8.0583% and a Ningbo partnership at 9.7087%; Polestar's 2025 annual report says Li Shufu owns about 91.9% directly or indirectly.
- Does Geely own Volvo?
- Geely Holding owns the car company, not the truck company. Geely Sweden Holdings AB, a Geely Holding subsidiary, held 78.65% of Volvo Car AB at the end of 2025. AB Volvo, the separate Swedish truck and construction equipment group, is not owned by Geely; Geely sold its class B shares in it in April 2024.
- What brands does Geely own?
- Geely, Geely Galaxy, Zeekr, Lynk & Co, Volvo Cars, Polestar, Lotus, LEVC, Farizon, Radar and Geometry sit inside the group, and Livan is a joint venture. smart is a 50/50 venture with Mercedes-Benz and Proton is 49.9% held with DRB-HICOM keeping the majority. Geely Holding also holds minority stakes in Aston Martin and Renault Korea.
- Is Geely state-owned?
- No. Geely Holding is a private company founded and controlled by Li Shufu, which sets it apart from FAW, Dongfeng, SAIC, Changan, BAIC and GAC. Several of its subsidiaries are publicly listed, but the parent itself has no state shareholder.
- Is Zeekr still listed in New York?
- No. Geely Automobile Holdings acquired the Zeekr shares it did not already own and Zeekr's American depositary shares stopped trading on the New York Stock Exchange on 22 December 2025, when Zeekr became a wholly owned subsidiary of Geely Automobile Holdings.
Related
Sources for Geely Holding
- Zhejiang Geely Holding Group, Overview. Read . Founding year, entry into cars, headquarters, 2025 group sales, R&D staff, manufacturing footprint and brand list.
- Gasgoo, Geely Holding Group 2025 sales surpass 4.11 million, NEV penetration reaches 56%. Read . Reports Geely Holding's 9 January 2026 full-year release with per-brand 2025 volumes.
- Geely Auto, Geely Auto Exceeds 3.02 Million Vehicle Sales in 2025, Sets New Growth Targets for 2026. Read .
- Volvo Car AB, Volvo Car Group Interim Report Fourth Quarter and Full Year 2025. Read .
- Geely Automobile Holdings Limited (HKEXnews), Geely Automobile Holdings Limited Annual Report 2023, Directors' Report. Read . Substantial shareholders at 31 December 2023 and the Proton and Livan transactions.
- Geely Automobile Holdings Limited (HKEXnews), Geely Automobile Holdings Limited, interim results for the six months ended 30 June 2025. Read . Lynk & Co transaction detail, Proton 49.9% and Renault Korea 34.02% as associates.
- Zeekr Group (PR Newswire), Zeekr Group Announces Completion of Merger. Read .
- Lotus Technology Inc (U.S. Securities and Exchange Commission), Lotus Technology Inc., Annual Report on Form 20-F for the year ended 31 December 2025, Item 6.E Share Ownership. Read . States the ownership percentages of Zhejiang Geely Holding Group itself.
- Polestar (U.S. Securities and Exchange Commission), Polestar Automotive Holding UK PLC, Annual Report on Form 20-F for the year ended 31 December 2025. Read .
- Geely Auto, Geely Auto and Ford Establish Joint Venture in Spain for Localized Production in Ford's Valencia Plant. Read .
- Geely Auto, Geely Auto Achieves Record Overseas Growth in First Half of 2026. Read .
- Aston Martin Lagonda Global Holdings plc, Aston Martin Lagonda Annual Report and Accounts 2025, Directors' Report: Substantial shareholdings. Read .
- smart Newsroom, Mercedes-Benz and Geely Holding formally established global joint venture smart Automobile Co., Ltd. for the smart brand. Read .
- Renault Group, Renault Group and Geely announce the creation of leading Powertrain Technology Company, HORSE Powertrain Limited. Read .
- Wikipedia, Geely Auto (article). Read . Finding aid for the 1986 refrigerator business, the 1994 move into motorcycles and the first car leaving the Linhai line on 8 August 1998.
- Geely Auto, Geely Automobile Holdings to Acquire 34.02% of the Shares of Renault Korea Motors. Read .
- Gasgoo, Geely Auto 2025 Revenue 345.2 Billion Yuan, Core Net Profit Surges 36%. Read . Reports Geely Automobile Holdings' full-year 2025 results announcement of 18 March 2026.