Pro-CCP Billionaire To Benefit From $208 Million Biden Admin Grant

A Chinese billionaire and senior Chinese Communist Party (CCP) member is set to benefit from a massive award recently approved by the Biden administration, the Washington Free Beacon reported.

Chinese auto magnate Li Shufu, through his firm Zhejiang Geely Holding Group, is the second-largest shareholder in Volvo Group, which the Department of Energy (DOE) will soon award $208 million to through its taxpayer-funded Domestic Manufacturing Auto Conversion Grants program, according to the Free Beacon. Li, however, is a member of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), a body that the U.S.-China Economic and Security Review Commission says works to spread Chinese influence abroad and works toward bending foreign governments to the will of the CCP.

“The Volvo Group is very pleased to receive this grant, which will help the company and the 7,900 American workers in these three U.S. plants be even more competitive,” a Volvo Group spokesperson told the Free Beacon. “ will benefit no more than any of our other shareholders — the majority of whom are Swedish, and 23% of whom are American.”

Li’s holding group has 15% of the voting power at Volvo Group, giving it considerable influence in determining the auto manufacturer’s corporate operations, according to the Free Beacon. The value of Volvo Group shares increased considerably after the DOE’s grant was announced