Thomas Catenacci of the Washington Free Beacon documents a disturbing grant from the Biden-Harris administration.
Chinese billionaire and auto industry magnate Li Shufu is a senior Chinese Communist Party member who has explicitly devoted his career to spreading Chinese influence worldwide. According to data reviewed by the Washington Free Beacon, he is also set to personally benefit from the Biden-Harris administration’s latest taxpayer-funded initiative to boost electric vehicle manufacturing.
Li’s firm, Zhejiang Geely Holding Group, holds a $2.4 billion stake in heavy-duty vehicle manufacturer Volvo Group, making the Chinese firm the company’s second-largest shareholder. The Volvo Group is set to receive a $208.2 million grant from the U.S. Department of Energy that will help keep some of the truckmaker’s factories afloat.
Geely’s stake is entirely made up of class-A shares, which are more exclusive and confer much greater voting power. In total, Geely has a 15 percent share of voting power, giving it sway in the Volvo Group’s corporate decisions, such as electing board members or initiating mergers.
The value of that stake has surged 5.3 percent, or $119 million, since the morning of July 11, when the Biden-Harris administration announced the grant, which is designed to support the Volvo Group’s transition to electric truck manufacturing across three facilities in Pennsylvania, Virginia, and Maryland.
The Energy Department’s grant was earmarked under a new federal program designed to support “shuttered or at-risk auto manufacturing and assembly facilities.” The designation suggests that, without the funding, the Volvo Group’s three facilities may have been forced to close.
The taxpayer-funded action indicates that the Biden-Harris administration is broadly willing to pursue climate policies even if they indirectly benefit investors deeply enmeshed in the CCP apparatus. And it further reveals how intertwined the green energy industry is with companies and officials, like Li, who openly seek to spread Chinese influence around the world.
