Chinese billionaire Li Shufu is revamping his flagship Zhejiang Geely Holding Group Co. after setting Swedish automaker Volvo Cars on a five-year renewal. His latest move involves killing three brands.

At the National Aquatics Center in Beijing last night, Li handed the keys of the carmaker’s latest Geely GC9 sedan to members of the Chinese national swimming team, which the company is sponsoring. The carmaker will replace its Emgrand, Gleagle and Englon marques introduced in 2009 and market all future models under the single “Geely” brand.

The Hangzhou, China-based automaker will also concentrate on creating “refined cars” instead of making “good yet affordable” autos as it seeks to stands out in the world’s largest auto market, according to the company. Li is embarking on the revamp as the carmaker’s sales slumped 22 percent last month from a year earlier amid a broader slide in market share by homegrown marques to foreign brands led by Volkswagen AG and General Motors Co.

“Chinese can not only make cars, but are also capable of making good cars,” An Conghui, chief executive officer of Zhejiang Geely, told reporters at the event yesterday. “We are utilizing the very best designers the automotive world offers to create a new global design language.”

Geely Automobile Holdings Ltd., its Hong Kong-traded unit, declined 17 percent this year through yesterday, compared with a 1.2 percent drop in the benchmark Hang Seng Index.

Volvo Designer

The GC9 sedan, which comes in three engine variants starting from 1.8 liters, will begin sales in March and is crafted by former Volvo Cars design director Peter Horbury. He crossed over to Geely after Li bought the Swedish carmaker from Ford Motor Co. in 2010.

Geely didn’t provide a price for the GC9. Other full-sized sedans priced around 150,000 yuan ($24,000) with similar features include the Toyota Camry and Mazda 6, said Harry Chen, a Shenzhen, China-based analyst at Guotai Junan Securities Co.

“Geely and other local carmakers have to make a breakthrough and move up the food chain by introducing more sophisticated models,” said Chen, who has a neutral rating on Geely Auto. “It is challenging as the GC9 is targeting a segment dominated by foreign players, but they have to tough it out. By consolidating the brands, the company can save costs on marketing and enhance efficiency.”

The Chinese government will be among the first buyers for the GC9, using it to ferry foreign diplomats and visiting dignitaries. Geely signed an agreement in October to sell 50 GC9 sedans and 20 Volvo S80L cars to the Diplomatic Personnel Service Bureau, an arm of China’s Ministry of Foreign Affairs.

Volvo Cars CEO Hakan Samuelsson, who was present at yesterday’s event, said the Swedish carmaker is “sincerely cooperating” with Geely to maximize the synergies between the two brands.

— With assistance by Ying Tian