Rearview mirror: Car industry's hot topics in 2017

China Daily | Updated: 2018-01-08 13:19
Cars of Lynk & Co, Geely Auto Group's new car brand, are on display at an exhibition held in Wuhan, Hubei province, Oct 12, 2017. [Photo/Xinhua]

7. Geely goes on global spending spree

Zhejiang Geely Holding Co has expanded its global presence after a number of overseas acquisition deals in 2017. Its shopping spree started in June, when it signed a final contract with DRB-Hicom Berhad, acquiring a 49.9 percent stake in the Malaysian company's Proton and 51 percent shares of its sports car brand Lotus. In November, Geely moved to acquire United States startup Terrafugia, which specializes in flying cars. The Chinese carmaker ended its year with a deal to acquire an 8.2 percent stake and 15.6 percent voting rights in AB Volvo, the Swedish manufacturer of trucks, buses, construction equipment and engines. It had acquired Volvo's passenger car unit in 2010.

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