Quick Facts
Biography
Li Shufu (simplified Chinese: 李书福; traditional Chinese: 李書福; pinyin: Lǐ Shūfú, Born in 1963, Taizhou, Zhejiang, China), is a Chinese industrialist, automotive businessman and the chairman of Zhejiang Geely Holding Group Co. Ltd. and Volvo Cars.
Biography
Li Shufu was born in Taizhou, Zhejiang, China in 1963. Li was launched as the founder and current chairman of Geely Automobile in 1986, which is the second largest private automobile manufacturer in China. Currently, Li resides in Hangzhou, the capital city of Zhejiang province.
In 2013, Hurun Report ranked Li No. 63 richest person in mainland China and had a net worth of US$2.6 billion.
Volvo acquisition
On 28 March 2010, Geely signed a deal worth US$ 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, Mr Li has a target of driving sales to 600,000 by 2015 in the domestic market.