Chinese Company - Geely on Filipino Soil
Officially the full name of ‘Geely’ is ‘Zhejiang Geely Holding Group Company, Limited’. Geely is a major automobile manufacturer in China. The headquarters of this company is situated in Binjiang district. This district is situated in Hangzhou capital of Zhejiang Province of China. This company originated from a man who pioneered a refrigerator manufacturing company to an automaker manufacturing company. This company is ranked within top ten automobile companies in China.
It is also ranked within the top five hundred business institution present in China. Geely specialises in a wide range of vehicles starting form motorcycles and automobiles to spare parts such as engine and transmission equipments. The passenger cars sold by this company are under five names. The brand names under which cars are sold are as following- Geely, Volvo, Gleagle, Englon and Emgrand. A subsidiary of Geely, "Geely Automobile Holding Limited" is listed in Stock Exchange of Hong Kong.
Geely has six power- train manufacturing plants as well as assembly plants situated in different parts of China. The plants are situated in Linhai of Zhejiang province, Lanzhou of Gansu province, Ningbo of Zhejiang province, Luqiao of Zhejiang province, Xiangtan of Hunan province and Shanghai of Hunan province. These six plants have a capability of producing about three hundred thousand cars annually. Geely cars are exported to different parts of the world. It is also available in Philippines. This company undertaken a dealership in Subic situated in Zambales in the year 2008.
This company started from a vision of Li Shufu a Chinese pioneer in 1986. He transformed a refrigerator making company to an automaker company selling cheap products. In the year 2003, Geely was the only domestic car company which did not align with the government of China.
Geely started manufacturing of motorcycles around somewhere during the mid nineties. In 1998 they began production of small sized vans. In 1999 they finally got the approval of Chinese government for production of automobiles. They begun production of vehicles in full force from 2002 and had its own IPO in Hong Kong Stock exchange. On 21st of April 2011 AutoChina INC got an exclusive distributorship for Selling Geely vehicles in Philippines.
Acquisition of Volvo
In the year 2008 Ford Motor Company suffered heavy losses in the market. Ford began to look for suitable buyers for the Volvo cars model. On 28th of October in the year 2009 Ford Motor Company after reviewing many offers confirmed the sale of Volvo brand to Zhejiang Geely Holding Group.
On 23rd of December later that year Zhejiang Geely Holding Group officially bought Volvo from Ford Motor Company for about 1.8 billion dollars. This deal was approved by China’s Ministry of Commerce and The European Commission on 29th of July, 2010 and 6th of July, 2010 respectively. This deal was officially completed in 2nd of August in the year 2010 with Geely paying 1.3 billion dollars in cash and two hundred million dollar in note. Rest of the payments are to be paid with a price true up. It is the biggest overseas acquisition by an automobile company based in China.
Car models available in Philippines
In the last ten years Geely has made major growth and has developed faster than any other automobile manufacturer in China. Careful planning and latest innovation has helped Geely’s cause in becoming one of the major automobile company in China and worldwide. It is the only car manufacturer in china to build its own range of engines. They specialise in the production of engine, vehicles, hybrid technology and transmissions.
Depending on the customers need and market trend Geely have developed cars with a wide range of features. These cars are available in many parts of the world; they are available in Philippines too. The cars available in Philippines are
- Geely LC- This is a small Sub compact Hatchback and its price is around 498,000 SRP and 449,000 SRP depending on the model.
- Emgrand EC7 – This is a sports styled sedan and its price range is around 680,000 SRP for one of its model and the other model cost around 788,000 SRP.
- Emgrand EC8 – This is a full sized sedan and its price range is around 1,185,000 SSRP.
- Emgrand EX7- This is a sports utility vehicle and its price range is around 998,000 SRP and 1,168,000 SRP.