Zhejiang Geely Holding Group or commonly known as Geely is an Hangzhou based international automotive group. Li Shufu founded the company in 1986 as a refrigerator maker who went on to manufacture motorcycles in 1990s and cars in 2000s. Car production officially began in 2002 as Geely Auto. The company has since acquired Volvo Cars, The London Electric Vehicle Company and Terrafugia. It has 51% controlling state in Lotus Cars, 9.7% stake in Daimler AG, and 8.2% stake in Volvo Group. In 2019, It invested in private funding round for Volocopter, which raised a total of $55 million.