Li Shufu Withdraws from Position as Director of Geely Automobile Group

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li shufu
Li Shufu (Source: Sina)

Recently, Geely Automobile Group Co., Ltd. made a registration of change with the Industrial and Commercial Administration. Geely Holding’s chairman, Li Shufu, and vice president, Yang Jian, withdrew from their positions as directors. Sun Hong and Wang Xinggui will serve as the new supervisors and directors.

Geely Automobile was established in September 2018 with a registered capital of 900 million yuan ($142 million). Li Shufu stepped down as chairman in July 2021 and withdrew from the directorship on February 22nd this year. The current chairman is An Conghui and the legal representative is Gan Jiayue. The company is wholly owned by Zhejiang Geely Holding Group.

Geely Automobile’s business is progressing smoothly, with sales of 1.328 million vehicles in 2021. Among them, its sub-brand Geometry Auto sold 29,101 vehicles in 2021. In February, its Zeekr brand’s model, Zeekr 001, has delivered 2,916 units to date while the cumulative delivery of the Zeekr 001 has reached 12,453 units. The Maple 60S, the first battery-swappable electric car produced by Ruilan Automobile, a joint venture between Geely and Lifan Technology, has also been listed.

SEE ALSO: Geely and Volvo-Backed Polestar O2 Concept EV Released

As an automobile company, Geely Holding officially announced its entry into the smartphone field in September last year. The company’s headquarters is located in the Wuhan Economic and Technological Development Zone, aiming to serve the global market. Li Shufu’s withdrawal from Geely Automobile triggered speculation about whether he was trying to concentrate on the smartphone business.

Recently, it was reported that Hubei Xingji Times Technology Co., Ltd., Geely’s smartphone company, has been in talks with Meizu, a Chinese smartphone manufacturer, for acquisition. People close to the transaction said: “The transaction is still in progress and due diligence is being done.” In response to market rumors, Geely issued a response: “We do not comment on market rumors. The high-end mobile phone R&D business of Geely’s subsidiary Xingji Times is progressing in an orderly manner, and we hope to build an open and integrated ecological partnership with companies.”

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