Geely implements cost-cutting to compete with rivals

Li Shufu, the billionaire behind Geely, is implementing cost-cutting measures to improve his companies' performance. This strategy, outlined in the Taizhou Declaration, focuses on consolidation and savings to reduce redundancies. Geely is facing challenges in China, Europe, and the U.S. The company aims to catch up to electric-vehicle leader BYD while navigating trade conflicts that impact its global ambitions. After years of expansion, including the acquisition of Volvo, Geely is shifting its focus to stabilize its operations amid declining EV demand and tariff issues.