China's Geely sets out to become a force in electric cars

This undated photo shows the production plant of Zhejiang Geely Holding Group at Ningbo, Zhejiang province. - China Daily

HANGZHOU/SHANGHAI (Reuters): Like many others in his industry, Geely Chairman Li Shufu has been irked by skyrocketing valuations for electric car manufacturers such as Tesla Inc and Nio Inc, sources at the Chinese automaker say.

Getting Geely, which owns Volvo Cars and 9.7 per cent of Daimler AG, to a place where it too may claim a sizeable chunk of the Chinese mainland’s burgeoning electric car market and burnish its share price at the same time, has preoccupied Li for much of the past year, they added.