China Auto Industry: We're as Good as the Koreans
In a sprawling factory south of Shanghai, Li Shufu, the self-made Chinese billionaire who is poised to buy Volvo Car Corp. from Ford Motor Co., is presiding over a new-model launch party. If he has any concerns that his Geely Automobile Holdings Ltd.’s rising sales and surging stock price could falter, he’s not showing them on that summer day.
Geely, the publicly traded automaker that Goldman Sachs Group Inc. is backing to the tune of $334 million, is unveiling its first homegrown model specifically designed for Western markets, Bloomberg Markets reported in its February 2010 issue.
The gleaming-white four-door compact, which retails for $11,700 to $17,600 in China, is called the Emgrand, a name made up to conjure grandeur.
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