Volvo’s Chinese owner announces major revamp

Shufu Li, the billionaire chairman of Chinese automotive manufacturing company Zhejiang Geely Holding Group, is reportedly revamping the company after a 22 percent sales slump in November 2014, according to Bloomberg.

Li is expected to replace its Emgrand, Gleagle and Englon marques introduced in 2009 and market all future models under the single “Geely” brand, and also concentrate on creating “refined cars” instead of making “good yet affordable” autos as it seeks to stand out in China’s auto market.

The Chinese government will be among the first buyers for the latest Geely GC9 sedan, which will be used to ferry foreign diplomats and visiting dignitaries.

Zhejiang Geely Holding Group also owns Swedish based Volvo brand. No announcement has yet been made on any possible restructuring at Volvo.

Chinese Government confirms order for Geely GC9 sedan