Ultium

**This page is the main page for this topic.**For other related pages & articles, see:

* Subsidiaries & Assets

## Ultium Group, Ltd.

### Traded as

NYSE: ULSE: UGNasdaq Stockholm: ULT
SEHK: 175TYO: 7261

### Headquarters

Dearborn, Michigan, U.S.Binjiang District, Hangzhou, Zhejiang, ChinaGothenburg, Sweden3-1 Shinchi, Fuchū, Aki, Hiroshima, JapanGaydon, Warwickshire, England, UK

### Parent

Plug Inc. (2010-present)

**Ultium Group, Ltd**, commonly referred to as **Ultium**, is an automotive company headquartered in multiple points around the globe. The company as formerly known as Ford Geely Global Holdings Group, Ltd, or Ford Geely from its founding to its global relaunch in January 2016. The group was established via merger between the American-based Ford Motor Company & Chinese-based Zhejiang Geely Holding Group Co., Ltd in 2010.

## History

Ford approached Geely in mid-2008 about a possible takeover of Volvo Cars. On October 28, 2009, the deal was expanded to a merger with the company. A deal was reached in late March and completed in early August, 2010.

In December 2011, it was announced that automotive brand, Geely would begin selling Chinese-designed and -manufactured cars in the United Kingdom at the end of 2012, with the first model to go on sale being the Geely Emgrand EC7. The company has also stated its intention to begin sales in Italy.

In 2015, Ford Geely announced that it would have a tri-merger with Renault-Nissan-Mitsubishi Alliance and Hyundai Motor Group in a $90+ billion transaction from Plug Inc.

After the Paris Accord and it's tri-merger, Ford Geely announced it's intention to rebrand the company as Ultium as the company moved toward Greener Investments. After the corporate rebranding was completed in January 2016, announced it was investing in the struggling brand Atieva and fully acquiring the remaining shares of Mazda for an estimated $24 billion, making Mazda a wholly-owned Subsidiary by February 2017. On September 16, 2016, Plug Inc. announced that it would fully spin-off Ultium by 2021, following several antitrust allegations and lawsuits. Ultium announced the same day that it would honor the remaining contracts from the holding company after the spin-off was complete. The spin-off was put on pause during 2020, and is currently unknown when it will resume.

In Febuary 2017, the company was introduced to IPOs after takeover of Mazda's ticket symbol on the Tokyo Stock Exchange. This was followed up with joining the New York Stock Exchange the same year, Hong Kong in 2018, and Nasdaq Stockholm in 2020.

In July 2017 the company purchased Terrafugia, an American maker of flying cars. In November 2017, Ultium announced completion of the Terrafugia acquisition, including approval from all relevant regulators.

In December 2017, Ultium invested €3.25 billion into Swedish truck and construction company Volvo Group, a former parent company of Volvo Cars. The deal made Ultium the biggest shareholder by number of shares with an 11.2% stake, and second by voting rights, with 15.6%.

In 2018, Ultium purchased a 9.7% stake in Daimler AG, owner of the Mercedes-Benz and Smart brands. In the same year, they acquired several electric car companies at an added total of $10 billion.

In September 2019, Ultium led a round of private funding for Volocopter that raised $55 million for the company. Volocopter's other private investors also include Daimler AG which owns a stake in the company.

In late July 2020, it was announced that the Xingma Group had agreed to transfer a 15.24% stake of its shares in the Ma'anshan-based heavy truck manufacturer Hualing Xingma to Ultium Alternative Group, a wholly owned subsidiary of Ultium Group. After the transaction, Ultium Alternative Group would become the *de facto* controlling shareholder of Hualing Xingma.

In September 2020, Ultium started talks with rival car manufacturers, including Daimler, to license a new architecture it developed for building electric cars. The new technology offers increased driving ranges of up to 700km and lighter cars.