HONG KONG/SHANGHAI (Reuters) -China’s Geely mentioned on Thursday its premium electrical automobile maker Zeekr plans to take management of Lynk & Co, a sister model – the primary massive restructuring transfer in a deliberate overhaul for the sprawling automotive group.
Geely Holding, which owns the 2 marques in addition to 10 different automotive manufacturers, has pivoted away from its historical past of aggressive acquisitions to streamlining its operations and chopping prices.
Group Chairman Eric Li instructed employees in September that deep integration was wanted to enhance effectivity and cut back prices. All manufacturers within the group ought to make clear how their fashions are positioned in order that overlap could be averted, he added.
Zeekr and Lynk have been criticised for having some comparable merchandise and pricing, cannibalising one another’s gross sales.
Geely mentioned it desires Zeekr and Lynk to type a brand new vitality automobile manufacturing group with mixed annual gross sales of multiple million models. That compares with about 339,000 automobiles for the 2 manufacturers in 2023.
Underneath the deal, Zeekr will buy a 30% stake from one other group agency, Volvo (OTC:) Vehicles, and a 20% stake from Geely Holding, the group mentioned in a press release.
Shares in Volvo Vehicles have been up 3.5% in early commerce, among the many greatest gainers on the pan-European index.
Zeekr will then nudge its stake as much as 51% with a capital injection whereas Geely Car Holdings (OTC:), the group’s principal listed arm, will proceed to personal the remaining.
The deal values Lynk, a Chinese language-Swedish model, at round 18 billion yuan ($2.5 billion). It needs to be accomplished by June subsequent yr, an individual with direct data of the plans mentioned.
Particulars of the transaction have been first reported by Reuters.
Inside the group, Zeekr is anticipated to guide innovation for electrical and linked automobiles, sharing that analysis with different manufacturers together with Lynk and Polestar (NASDAQ:), mentioned the individual and a one other supply with direct data of the plans.
Lynk’s product staff began to report back to Zeekr CEO Andy An final week and there have been discussions about leveraging extra applied sciences and parts that the 2 automakers share, one of many individuals mentioned.
Geely declined to touch upon the data from sources.
Lynk’s two newest EV fashions, the Z10 and Z20, share the identical structure utilized by Zeekr’s vehicles whereas its gasoline and hybrid fashions use totally different platforms developed by Geely and Volvo Vehicles.
Lynk, which was launched in 2016 and at present has 9 fashions, offered roughly 195,600 automobiles within the first 9 months of the yr, a 40% improve over the identical interval a yr in the past.
By comparability, Zeekr, a three-year-old model, offered nearly 143,000 vehicles throughout January to September with six fashions, up 81%.
Zeekr listed in New York in Might and has seen its shares climb nearly 40% since then, giving it a market worth of $7.3 billion.
($1 = 7.2425 )
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