Geely an important step for the Chinese carmaker in their quest to make inroads into the lucrative ASEAN region. In July 2017 the company purchased Terrafugia, an American maker of flying cars. In November 2017, Geely announced completion of the Terrafugia acquisition, including approval from all relevant regulators. In December 2017, Geely invested € 3.25 billion into Swedish truck and construction company Volvo Group, a former parent company of Volvo Cars. The deal has made the company the biggest shareholder with 8.2 % of stake and 15.6 % of voting rights. Furthering its expansion and reach, Geely purchased a 9.7% stake
Geely CK is driven by government officials and police and also available to rental car fleets. The specification includes power windows and air conditioning. Still, they have a reputation for being unreliable and many drivers thus prefer the older, Russian-built vehicles. The CK is based on a South Korean design by Daewoo, Tower Metal, Wooshin Systems, and CES, which Geely licensed. Its 1.5 L engine is a Toyota Motor Corporation design, also licensed. It produces 94 hp (70 kW) at 6000 rpm. The 4 speed automatic transmission is built in China, the first to be manufactured there. In 2008, the facelifted CK