Chinese tycoon Lu Guanqiu, the founder, Party secretary and chairman of Wanxiang Group, one of China’s largest automotive suppliers and owner of Karma Automotive, passed away at the age of 74 at his home on October 25 due to an illness.
Lu was born in Hangzhou, Zhejiang Province in December 1944. He started his own business in 1962 which later became Wanxiang Group in 1969. He served as the president of China Township Enterprises Association and president of Zhejiang Entrepreneurs Association. He is a member of the Communist Party of China (CPC) and a representative of the 13th and 14th CPC National Congress.
Wanxiang Group is a ¥100 billion manufacturing conglomerate and is the 6th of 15 companies that have received National Development and Reform Commission (NDRC) approval to produce pure electric vehicles. It acquired the former Fisker Automotive (now Karma) in early 2014 as well as battery manufacturer A123 Systems a year earlier behind Lu’s dream to build cars.
CBU/CAR sends its deepest condolences to the family of Lu.