HONG KONG -- China's homegrown auto maker Zhejiang Geely Holding Group is set to tackle the mainstream European market, following years of preparation and a new-found confidence about driving onto foreign turf. Despite owning Sweden's Volvo Cars, and after its chairman Li Shufu recently acquired close to a 10% stake in Daimler of Germany, it currently sells 99% of its cars in its home market of mainland China.
An Conghui, president of Zhejiang Geely and executive director of its Hong Kong-listed subsidiary Geely Automobile Holdings, said during the latter's earnings briefing on Wednesday that "at the end of this month, we will disclose our Europe strategy." He added that the company was intending to "enter the advanced European market," marking a "fundamental change" for its overseas operations.
