Chinese automaker Geely launches luxury EV brand Zeekr
The SEA platform is simply one piece of Geely’s plans to place itself as a leading source of electric vehicle production and innovation. Last month, Geely and Volvo Cars revealed they had actually axed strategies to combine but will instead establish a standalone business that will develop next-gen hardware and software application for electric automobiles throughout its brands and with other makers. The 2 companies will also collectively source batteries and electrical motors under the brand-new collaboration.
Chinese automaker Geely Automobile Holdings is launching a brand-new brand of premium electric cars as it aims to catch a share of the luxury EV market that has actually been controlled by Tesla and other homegrown companies.
Eric Li, founder of Geely Holding, said in a statement that the business plans to make the architecture accessible to other automobile makers.
Zeekr will be jointly owned by the subsidiary and its moms and dad with a 51% and 49% share structure, with a joint investment of 2 billion yuan ($307 million).
The brand-new brand of vehicles, called Zeekr, will be made by parent company Zhejiang Geely Holding Group. The Zeekr marque will be manufactured by Geely Holding utilizing its Sustainable Experience Architecture, an open-source EV technology that the company stated deals driving ranges of up to 435 miles (700 km) as well as smart connectivity choices. The SEA platform is just one piece of Geely’s strategies to position itself as a leading source of electric car production and innovation. Last month, Geely and Volvo Cars announced they had axed plans to combine however will rather set up a standalone company that will develop next-gen hardware and software application for electric lorries across its brand names and with other manufacturers.
The Zeekr marque will be made by Geely Holding using its Sustainable Experience Architecture, an open-source EV technology that the business stated offers driving varieties of as much as 435 miles (700 km) along with wise connection alternatives. Geely has plans to release the architecture throughout its nine automobile brand names (the business is a minority shareholder of Daimler AG and owner of Volvo Cars)– and offer to other makers.
Geely Holding is also setting the phase to take on a bigger function in producing for other automobile companies, with prepare for a joint endeavor with Chinese business Foxconn Technology Group– Apple’s main provider– focused on agreement manufacturing for car manufacturers. Geely stated it would partner with Chinese tech giant Baidu in a separate endeavor to construct EVs, also with its SEA platform. Baidu has actually been developing intelligent driving innovations, consisting of self-governing driving, which it stated it would contribute to the brand-new business.
The brand-new brand name of cars, called Zeekr, will be produced by parent business Zhejiang Geely Holding Group. The first Zeekr lorries are expected to be provided in the third quarter of 2021.
Zeekr will have to scramble with domestic start-ups Li Auto and NIO that likewise use high-end vehicle designs. While Geely stayed the highest-selling Chinese auto brand name by units offered in 2020– its fourth successive year in the leading spot– net profits dropped 32% last year, according to monetary outcomes published Tuesday.
The launch of Zeekr, which was initially reported by Reuters and validated today by Geely, has been couched as a quote to take on Tesla in China. Tesla has actually had success in the nation, reporting in a current regulatory filing that sales in China more than doubled in 2015, from $2.9 billion in 2019 to $6.6 billion in 2020. But Tesla is hardly the only competition in China, the world’s biggest market for electrical automobiles.