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Geely's founder, Li Shufu, has introduced the Taizhou Declaration to address financial challenges amid a slowing EV market and rising tariffs. This strategy focuses on consolidating operations and enhancing efficiency, following significant losses of $2.2 billion across its EV brands in 2024. Geely aims to boost annual vehicle sales from 3.3 million in 2024 to 5 million by 2027.
Li Shufu, chairman of Geely Holding Group, has stated that the company will avoid engaging in destructive price wars, advocating instead for innovation through technology, quality, service, and branding. During a discussion at the CPPCC, he highlighted the risks of "involution" competition in China's car market, which could undermine long-term sustainability. Geely is committed to fair competition and profitability as drivers of economic growth.
Chinese billionaire Li Shufu is streamlining his Geely empire after a decade of acquisitions to cut costs. While his strategy aims to enhance synergies and reduce product overlaps, many of his brands are struggling with significant debts and losses, posing challenges in balancing weaker and stronger assets.
Li Shufu
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