Volvo Owner's China Unit Sees Overseas Deals Fueling Growth
- Geely says tycoon Li’s investments will bring savings, tech
- Li has ambitions to build carmaker Geely into a global force
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Billionaire Li Shufu’s Geely Automobile Holdings Ltd. expects the tycoon’s overseas bets from Daimler to Lotus and Volvo to help fuel growth as the Chinese carmaker targets new markets.
While Geely is boosting sales and profit in China on demand for its sport-utility vehicles, the company said Wednesday it’s preparing for intensifying competition from both local and foreign brands. That’s prompting Geely to look elsewhere, something that Li’s acquisitions could prove useful with.