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    Home ยป How Geely constructed an auto empire in Europe
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    How Geely constructed an auto empire in Europe

    Editor - The Auto JournalBy Editor - The Auto JournalJune 20, 2022Updated:June 20, 2022No Comments2 Mins Read
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    Li’s technique, in accordance with analysts and consultants, seems to be to construct up the businesses to a sure stage, then search a public itemizing to drive additional outdoors funding. But Geely’s plans might be delayed or derailed by particularly unstable market situations proper now.

    Volvo Cars’ IPO final autumn acquired off to a rocky begin after the automaker reduce the dimensions of its providing by 20 p.c, to $2.3 billion, following traders’ fear that Zhejiang Geely Holding may retain management over the vast majority of voting rights.

    The itemizing on Oct. 29 was priced on the backside of the vary, giving Volvo an enterprise worth of about $20 billion. Even so, the itemizing was one of many largest offers in Europe final yr.

    Polestar stated final September that it’s going to go public this yr through a reverse merger with particular objective acquisition firm Gores Guggenheim. The estimated enterprise worth of Polestar is greater than $20 billion, and the deal may generate $1 billion in money. But since then the SPAC market has cooled significantly, and shares in EV makers have misplaced a major chunk of worth this yr.

    Gores Guggenheim shareholders are scheduled to vote on the deal on Wednesday, June 22, after it was pushed again from May 27. Still, analysts say Polestar’s monitor report of strong progress and the Volvo/Geely connections give it an edge over full-EV startups.

    As a Chinese firm, Geely can also be topic to an uncommon stage of scrutiny, given considerations about knowledge safety, China’s human rights report and connections between the federal government and firms.

    “There are a whole bunch of issues around governance and transparency, and the relationship between the state,” Cardiff University’s Wells stated of Chinese corporations generally.

    Geely has pledged to be as clear as doable because it turns into extra worldwide. “Geely Holding is often considered a dark horse in the automotive industry; however, I can say that we are an open book,” Daniel Li instructed the German discussion board.

    Wells famous that, not like different Chinese newcomers, Geely had entered the European market by way of manufacturers seen as historically European, resembling Volvo, Lotus and Smart.

    “That has been quite a shrewd move,” he stated. “It takes a long time to build a brand presence in Europe.”

    Source: www.autonews.com

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