Another One: Geely Announces Zeekr EV Brand

Geely Auto Group has announced the formation of an electric technology firm and automotive brand called Zeekr Company Limited. With the Chinese group already holding numerous mobility-focused brands with a penchant for electrification, it’s a bit curious to see it launching another one. But Geely has indicated that Zeekr will be aimed at the premium EV market using a similar business model as Lynk & Co.

That likely means selling vehicles as a service, rather than a product owned by the driver — something we’ve been incredibly wary of since the industry starting mulling over things like subscription services and online sales. Owned jointly owned by Geely Automobile Holdings and Zhejiang Geely Holding Group, the plan is to start launching products in China before the end of 2021. It’s quite the swift turnaround, leading us to believe there will be some platform sharing with other Geely-owned automotive brands. New product is said to be introduced every twelve months over the next five years.

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China's Geely Adjusts End-of-year Outlook

China’s Geely Automobile Holdings reported a first-half net profit drop of 43 percent on Monday, a tumble that forced it to reduce end-of-year targets. As you may have expected, the coronavirus was named as the biggest obstacle it had to overcome, especially in its home country. That left Geely (parent to Volvo, Lotus, Proton, Lynk & Co, Emerald Automotive, London EV and more) revising 2020 volume estimates by 6 percent to 1.32 million vehicles against the 1.36 million deliveries it enjoyed through 2019.

While enduring a bad financial year in 2020 is hardly breaking news for any major automotive manufacturer, Geely is one of many Chinese firms with global aspirations. Its role as Daimler’s second-largest stakeholder and ownership of Volvo Cars (with which it is planning a full merger) arguably makes it the corporation that’s closest to achieving that goal, too. Yet the current economic and geopolitical situation served to undermine its ultimate goal of becoming Asia’s answer to Volkswagen Group.

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Geely Still Reportedly Bent on World Domination

China’s Zhejiang Geely Holding Group has its fingers in a lot of pies. Having purchased Volvo Cars from Ford a decade ago for $1.8 billion (a fraction of the price the Blue Oval paid), the brand has focused on scooping up troubled brands with global appeal or creating its own. In 2017, Geely purchased majority stakes in Malaysia-based Proton and UK-based Lotus Cars while attempting to turn its own Lynk & Co into a global brand.

Those are supplemental to its cadre of Asia-focused subsidiaries but no less important to its broader aspirations.

Geely has been exceptionally clear that its ultimate goal is to increase its presence around the world while improving its production capabilities. Its latest strategy involves utilizing new platforms developed for Volvo (which was already sharing architecture with Lynk) for vehicles manufactured in Asia under the Proton banner.

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  • Ajla GM didn't do this even when Corvette sales and cocaine use were at their peak.
  • Dwford How many more wealthy performance car buyers does Chevy think they can drag into their showroom full of middle of the road crossovers? I guess they will find out
  • SCE to AUX It's been done before, with varied success:Ford --> LincolnHyundai --> GenesisGM --> XLR (Cadillac), ELR (Cadillac)VW Touareg --> Porsche CayenneI suspect GM is trying to avoid the Mustang fiasco (which is working for Ford, BTW), by not making the Corvette name a sub-brand - only its hardware.(In the Mustang's case, YTD 46% of "Mustang" branded vehicles are the Mach-E, but they share no hardware. GM's plan is much different and less controversial.)Back to the sub-brand: the XLR and ELR experiments were total duds, borrowing hardware from the Corvette and Volt respectively. Both sullied Cadillac's name - not Chevy's.
  • Art Vandelay I don’t care what they do with the brand. But I do want to see how a mid engined platform spawns a 4 door and a crossover
  • Varezhka If they’re going to do this, might as well go all the way and make it a standalone brand instead of a Chevy sub-brand. They already have a unique emblem, after all. Shouldn’t there be enough empty former Hummer, Saab, or Cadillac dealer showrooms to house them?