Geely's Li Shufu hopes to sell cars in Europe

Shanghai October 8 (Gasgoo.com) Geely Chairman Li Shufu recently said he hopes to sell domestically made vehicles in Europe as soon as possible, acknowledging that the conditions are not mature at current stage for entering into the European market, Financial Times reported Friday.

The Zhejiang-based automaker completed its purchase of the Volvo car brand in August, marking China's biggest ever overseas auto acquisition.

It is not just the vehicle safety and prices that matter, but the expansion of Geely's overall business that matters towards entry into the European market, Li said, adding that it is crucial to understand Europe's economy and society well and if lacking any one element, Geely can never make it. 

Meanwhile, Li said Geely is not planning to sell homemade vehicles through Volvo distributor network, emphasizing that this will not change in many years. Moreover, he pointed out that Volvo and Geely are two different brands, the former targeting mass market, the latter a premium brand.

Li also revealed that Volvo Cars Chief Executive Officer Stefan Jacoby is now developing specific plans for Volvo, and three will be more luxury cars to be produced in Europe.