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 () (, ), a subsidiary of Geely, is listed on the Hong Kong Stock Exchange. On 13 February 2017, it became a constituent of the Hang Seng Index. Geely () means "auspicious" or "lucky" in Mandarin Chinese. Founding Geely in 1986 as a refrigerator maker with money borrowed from family, Li Shufu transformed the company into a success selling inexpensive products to Chinese consumers. After the purchase of a failing, state-run firm, Geely manufactured motorcycles in the mid-1990s. Small van production began in 1998, and a year later, it received state approval to manufacture automobiles. Car production began in 2002.