Li Shufu
Eric Li Shufu | |
|---|---|
| Born | June 25, 1963 Taizhou, Zhejiang, China |
| Occupation | Businessman |
| Known for | Founder and chairman of Geely |
| Spouse | Wang Li |
Eric Li Shufu (; born 25 June 1963) is a Chinese billionaire businessman, recognized as the founder and chairman of Geely.
Early life
Li’s origins trace back to Taizhou, Zhejiang, and he earned a master's degree from Yanshan University.
Career
Established in November 1986 by Li, Geely has evolved into the second-largest private automobile manufacturer in China.
On 28 March 2010, Geely completed the acquisition of Swedish carmaker Volvo Cars from Ford Motor Company for $1.8 billion. This transaction represented the biggest overseas investment by a Chinese automotive firm at that time. The agreement included $900 million allocated for working capital and intentions to construct a Volvo plant in China, targeting domestic sales of 600,000 vehicles by 2015.
By 2013, Li ranked as the 63rd wealthiest individual in mainland China, with an estimated fortune of $2.6 billion.
In November 2018, Li collaborated with China Aerospace Science and Industry Corp. to develop supersonic bullet trains utilizing proprietary technology, focusing on innovation to minimize dependence on foreign technologies.
That same year, Li became the largest shareholder in German automaker Daimler, acquiring a 9.7% ownership stake.
By March 2020, Li was engaged in discussions to merge Volvo and Geely under the Zhejiang Geely Holding Group umbrella, aiming to establish a leading global automotive conglomerate.
In September 2022, Li’s consortium purchased a 7.6% share in luxury automobile manufacturer Aston Martin, which was increased to 17% by May 2023, positioning Geely as the third-largest stakeholder.
Political life
Li serves as a member of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) and formerly acted as an independent non-party delegate representing Zhejiang at the 13th National People's Congress.
Economic perspectives
Li has expressed concerns regarding China's automotive joint venture framework, highlighting that it generates substantial profits for foreign original equipment manufacturers (OEMs) and Tier 1 suppliers, yet impedes innovation and technological progress within Chinese OEMs. He contends that this arrangement encourages domestic manufacturers to become complacent, as they depend on earnings from joint ventures instead of channeling resources into talent development and technological enhancement. Li supports the formation of collaborations between state-owned and private automotive enterprises to boost overall industry competitiveness.
Personal background
Li is married to Wang Li (), and the couple lives in Hangzhou, Zhejiang.