Geely Holding Group and Geely Auto form new premium electric car company – Zeekr

Geely Auto Group has announced the formation of a new company, Zeekr Company Limited, a new electric mobility technology and solutions company based in China that will serve growing global demand for premium electric vehicles.

The first Zeekr vehicles are expected to be delivered in the third quarter of 2021, with production being undertaken by parent company Geely Holding under a light asset strategy. Zeekr aims to deliver a new electric vehicle to market each year in the coming five years.

Zeekr will create a new ecosystem that is focused on the full integration of the end user into a new super ecosystem focusing on the full service of end user requirements with an innovation as standard approach in terms of sales and servicing. The Chinese name of Zeeker has been confirmed as Ji Ke.

Under the plans, Zeekr will use Geely Holding Group's leading Sustainable Experience Architecture (SEA) and will include its own battery technologies, battery management systems, electric motor technologies and electric vehicle supply chain support. By utilizing SEA technologies, Zeekr vehicles will be able to offer software upgrades throughout the lifetime of every vehicle through Over the Air Upgrades as well as offering an unrivaled luxury vehicle experience in terms of comfort and performance.

Zeekr will become the latest electrification initiative within the wider Geely Holding Group, in which other companies such as Volvo have recently announced ambitious zero-emission strategies. Other electrified vehicle brands within Geely Holding, including Lynk & Co, Polestar, LEVC, Geometry and Lotus Cars are also continuing to expand in different market segments, providing consumers with a wide range of electrified products and unique business offerings.

The initial market strategy for Zeekr will be focused on the Chinese market as part of Geely but will also explore export opportunities to satisfy global market demand for premium electric vehicles. Zeekr is part of Geely Holding's accelerating adoption of sustainable transport technology and mobility services under which the Group has adopted an aggressive plan to electrify all of its subsidiary brands in due course.

GOVERNANCE STRUCTURE

Zeekr will be jointly owned by Geely Automobile Holdings (HK.0175) and Zhejiang Geely Holding Group (ZGH) under a 51% and 49% share structure, both parties have also agreed to inject 2 billion RMB in capital into the company. Eric Li (Li Shufu) will become the chairman of the new company whilst An Conghui will become the Chief Executive Officer.