Li Shufu Biography
Li Shufu is a famous Chinese business magnate and entrepreneur who serves as chairman of Geely Automobile Holdings, one of China’s leading automakers and one of the few that is not state-owned.
How old is Li Shufu? – Age
He is 60 years old as of 25 June 2023. He was born in 1963 in Taizhou, China.
Li Shufu Family – Education
He was born and raised in Taizhou, China. He has three siblings; Li Shutong, Li Xubing, and Li Shufang. He studied and earned a master’s degree from Yanshan University.
Li Shufu Wife- Daughter
Li is happily married to his wife Wang Li. Together they have two children. The family lives in Hangzhou, Zhejiang.
Li Shufu Car – Mercedes
According to a stock exchange filing, he bought roughly 10% of Mercedes-Benz maker Daimler, making him the German company’s greatest single stakeholder. According to the filing, Li, the chairman of Geely Automobile Holdings, paid €7.2 billion (US$8.9 billion) for a 9.69 percent stake in the company. The investment eclipses Kuwait’s 6.8% stake in the Stuttgart-based firm and Renault-3.1 Nissan’s holding percentage.
How did Li Shufu make his money? – Geely- Career
In November 1986, Li launched Geely, which is today China’s second-largest private vehicle manufacturer. On March 28, 2010, Geely agreed to buy Swedish automaker Volvo Cars from American automaker Ford Motor Company for US$1.8 billion. It was the largest foreign purchase ever made by a Chinese automaker. With $900 million in operating capital from Geely and a commitment to developing a Volvo facility in China, Li set a goal of increasing domestic sales to 600,000 by 2015.
In November 2018, Li said that he had reached an agreement with China Aerospace Science and Industry Corp. to construct a new line of supersonic bullet trains. The trains will rely on freshly developed technology, according to the idea. Li became Daimler’s top shareholder in 2018, according to the Financial Times, with a 9.7% holding in the German manufacturer.
Li was in talks with Volvo Cars to merge with Geely in March 2020 as part of his plan to create a worldwide carmaker. Li’s investment fund, Zhejiang Geely Holding Group, owns both Volvo and Geely, but they operate as independent companies. In 2001, the Geely Group sponsored Guangzhou F.C. of China’s Jia B League. After the 2001 China Jia B League Match Fixing, Li discontinued his engagement in football sponsorship at the end of the season.
Li has attacked China’s automotive joint venture system for generating significant profits for foreign original equipment manufacturers (OEMs) and Tier 1 suppliers at the expense of Chinese automotive OEM innovation, quality, and technological advancement. Domestic automotive OEMs, according to Li, have become complacent, relying on profits from foreign partners through joint ventures rather than driving their own organizations to hire talent and improve, knowing that they would control half of joint ventures run with profitable overseas manufacturers that generate healthy sales. He has previously advocated for state-owned automakers to collaborate with privately owned firms.
How much is Li Shufu Net Worth?
He has an estimated net worth of 10.0 Billion dollars.