Lu was born in January 1945 in Yuhang, Hangzhou, Zhejiang Province, into a peasant family. When he was 15 years old, he dropped out of school and became an ironsmith.
In July 1969, he co-founded a factory with six other farmers, producing small agricultural machines. Lu later developed his factory into the present Wanxiang Group. It eventually became a large Manufacturing conglomerate and a leading Producer of automobile facilities and components.
Lu was married, with four children, and lived in Hangzhou, China. He died on 25 October 2017, aged 72.
