Geely Automobile/Geely Holding and Volvo establish automotive joint venture

On August 4th, Zhejiang Geely Holding Group, Geely Automobile Holdings Co., Ltd. and Volvo Car Group formally signed an agreement at the Geely Automobile Hangzhou Bay R&D Center to establish a lead-gear car joint venture. After the establishment of the new company, Geely Automobile will own 50% of the shares of the company, Volvo Cars owns 30% of the shares, and Geely Holding Group owns 20% of the shares.

Li Shufu, chairman of Geely Holding Group; Yang Jian, vice chairman of Geely Holding Group; Hanken Samuelson, president of Volvo Car Group; CEO An Gehui, CEO of Geely Automobile Group, and Gui Shengyue, chief executive officer of Geely Automobile Holdings; Geely Holding Group executive vice president and CFO Li Donghui attended the signing ceremony.

The members of the Board of Directors of the Lead-KG joint venture also announced the same day: Mr. An Chuihui, Mr. Hanken Samuelson, Mr. Li Donghui and Mr. Feng Qingfeng served as directors; Mr. An Zhihui served as chairman.

Leadk is a brand new high-end brand developed for global metropolitan consumer groups. Its launch completes the brand portfolio and market coverage of Geely Holding Group. It is an important strategy after Volvo Cars has settled in the luxury car market and Geely Automobile in the mainstream automotive market. supplement. Since its publication in Berlin in October last year, Leadk won the attention of the global automotive market with its leading European technology, world-class quality, and personality, open, and connected brand concepts. On the eve of the Shanghai Auto Show in April of this year, the collar brand made a stunning appearance in the Chinese market, and its lead caliber 01 precision production car and 03 concept car were launched simultaneously. The 01 production model is expected to take the lead in China in the fourth quarter of this year.

The lead collar brand is derived from the new CMA base module architecture jointly developed by Volvo Cars, Volvo Cars and Geely Automobile. CMA is extremely flexible and extensible, suitable for a variety of body forms and sizes, compatible with a variety of powertrains, and can provide users with models with the world's leading active safety, smart driving and vehicle networking technologies, bringing With the perfect driving experience of controllability and comfort, Volvo Cars will develop a new generation of 40 series products based on CMA. In the future, the lead collar brand will also receive technical and commercial support from Volvo, including the world's leading SPA platform and powertrain.

"We look forward to further cooperation with Volvo. Volvo's technical expertise will be able to benefit Geely and Collak. This will be a win-win cooperation. We will develop through joint development," said An Zhihui, president and CEO of Geely Automobile Group. The technology sharing and joint procurement methods form a scale effect and expand the market space so as to realize the sustainable development of Geely and Volvo.In the future, as the joint venture brand of Geely Automobile, Volvo Cars and Geely Holding Group, Leadker will have technologies and resources in each party. With the promotion of cost advantages, we will usher in a better future."

Hankke Samuelson, president and CEO of Volvo Cars, said: “We are very excited to be a shareholder. The unique brand positioning and business model of Collar will be complementary to Geely Automobile and Volvo Cars. We will spare no effort to support Collar Cars. development of."

At present, the company has established the Leading Car Sales Company, the channel construction work has been fully carried out, and the innovative establishment of the "collar space" and "collar center" models complement each other. Collar Space provides display and sales functions in large-scale commercial centers in the city, and has better functions of draining and expanding brand awareness. The lead collar center has the functions of displaying, selling, after-sales services and other traditional automobile 4S shops, and is expected to form 100 scales at the end of this year, covering major consumer markets.