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Geely Automobile Holdings plans to set up a joint venture to produce Zeekr electric vehicles



China’s Geely Automobile Holdings today said it intends to create a joint venture to produce smart electric vehicles under the new Zeekr brand. Geely Automobile Holdings’ partner in the joint venture will be parent company Zhejiang Geely Holding Group.

As stated in the documents submitted to the exchange, the partners are jointly investing about $ 300 million in the new enterprise. At the same time, Geely Automobile will own 51% of the shares of the new company.

Geely Automobile, China’s largest automaker, previously reported $ 850 million in revenue in 2020. This is 32% less than in 2019. The fall in profits is due to the impact of the COVID-19 pandemic on the largest automotive market. At the same time, revenue decreased by 5%. During the year, 1.32 million vehicles were sold, while in 2019 – 1.36 million.The company is expected to sell 1.53 million vehicles this year.

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