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
Volkswagen Group China launched and the Chinese name was announced. Octavia, the first Shanghai Volkswagen Škoda model, hit the market on 6 June 2007. Following Octavia's success, Shanghai Volkswagen launched Fabia in 2008 and Superb in 2009. Established in February 1991, FAW-Volkswagen Automotive Company (FAW-VW) is a large-scale carmaker jointly funded by China FAW Group subsidiary First Automobile Works, Volkswagen AG, Audi AG and Volkswagen (China) Investment Co., Ltd. It was the first modern car industrial base constructed with an economy of scale in China. With its development over the years, FAW-Volkswagen is producing thousands of vehicles on a daily basis. FAW-Volkswagen manufactures