Chinese carmaker Geely Auto has launched a premium electric vehicle brand as it seeks to better compete with market leader Tesla on its home turf and recover from a hit to its sales and profits from Covid-19.
Hong Kong-listed Geely said on Tuesday that it would develop and manufacture high-end electric vehicles under the Zeekr brand alongside its parent company, the owner of Volvo Cars. The venture, into which Geely will invest Rmb2bn ($307m), is expected to begin deliveries in the third quarter.
Geely responded rapidly to the coronavirus pandemic last year, securing supply and restarting production ahead of rivals. That allowed it to retain its spot as China’s largest domestic car brand by passenger vehicles sold in 2020.
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