Geely CEO invests in Australian lithium producer

Gasgoo.com (Shanghai June 16) - Li Shufu, CEO of Geely Automobiles, has personally invested in Australia-based lithium compound producer Galaxy Resources, 21cbh.com reported today.

Mr. Li invested 3 billion Australian dollars ($3.2b) in Galaxy Resources via his privately owned company Strong Target International. The investment was not made using any Geely-owned funds, reports say.

Analysts speculate that the investment may be the result of the increasing popularitiy of electric vehicles in China, which has put stress on lithium reserves.

Galaxy Resources entered the Hong Kong Stock Exchange last year with a value of 60 million Australian dollars ($63.95m).