Tag: Geely

  • Volvo IPO back on the table

    Volvo could be the next major automaker to go public.

    The automaker said on Wednesday that its board is evaluating the possibility of an initial public offering and listing on the main stock exchange in Sweden as early as this year.

    The announcement follows Volvo’s decision in February to rule out a full merger with its parent company, Geely. The two have a close collaboration however that extends to the sharing of technologies and production facilities, and Geely would remain the main shareholder of Volvo after any IPO.

    Volvo came came close to launching an IPO in 2018 but put things on hold due to concerns the stock price could be hurt by the trade war at the time, primarily between the United States and China but also between the U.S. and Europe.

    Estimates at the time valued Volvo at up to $30 billion.

    Geely has done an impressive job of transforming Volvo since acquiring the brand from Ford in 2010. Volvos today are comparable with Germany’s best and the company is also expanding with the Lynk & Co. and Polestar sister brands, as well as launching its first electric vehicles.

    Volvo is also in the process of introducing a second-generation modular platform for large vehicles, known as SPA2. It will make its debut next year in a redesigned XC90. The new platform will support a high level of self-driving capability, a technology Volvo is developing via its Zenuity subsidiary.

    “We have supported the transformation and growth of Volvo Cars for the last 10 years, enabling the company to become a true premium brand with improved profitability,” Eric Li, Geely’s chairman, said in a statement. “As we look ahead, Volvo Cars is especially well positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous drive functions.”

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  • Zeekr: Geely launches new brand for premium electric vehicles

    Geely on Tuesday announced the establishment of a new brand for premium electric vehicles.

    Called Zeekr (Ji Ke in China), the brand will initially operate in China but eventually expand to global markets, including potentially the United States.

    The first model from Zeekr will be launched as early as this fall. It will be based on the Sustainable Experience Architecture (SEA) modular EV platform unveiled by Geely last year. The flexible platform, which enables a range of over 400 miles, will eventually be used by most Geely brands, including Volvo.

    Geely SEA (Sustainable Experience Architecture) modular EV platform

    Geely SEA (Sustainable Experience Architecture) modular EV platform

    More models will follow in quick succession. Geely said there will be at least one new Zeekr launched every year over the next five years. Zeekr won’t have any of its own plants but will outsource production to Geely which is getting into the contract manufacturing game.

    To stand out, Zeekr will be positioned as an EV technology company similar to Tesla. As such, it will develop its own core systems like batteries and battery management systems, as well as electric motors. It will also establish its own value chain.

    Unlike some of Geely’s other brands, Zeekr will be fully owned by Geely and related entities. Its ownership will be split 51:49 between Geely Holding and the Geely car brand. Geely Holding Chairman and founder Li Shufu will serve as chairman of Zeekr.

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  • 400-mile Lynk & Co. Zero EV will be first with Geely modular platform

    Chinese auto giant Geely in September unveiled a modular electric vehicle platform destined for models spawned across the automaker’s portfolio of brands.

    The first model to use the platform, branded SEA (Sustainable Experience Architecture), will be a hatchback from Lynk & Co., and it seems development is already at a late stage.

    The hatchback was previewed by the Lynk & Co. Zero Concept during Sept.’s debut of the SEA platform, and in prototype form Lynk & Co. refers to it as the Zero EV. There’s still a lot of testing to be done but the performance of the prototype is promising, Lynk & Co said Monday.

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    Some of the claimed specs include a 0-60 mph time in under four seconds, a 50:50 weight distribution, and flying colors in the evasive maneuver known as the Moose Test, where a vehicle needs to swerve around an object at highway speeds.

    The vehicle is also confirmed with an 800-volt electrical system, air suspension, and a targeted driving range of over 400 miles.

    Lynk & Co. still needs to conduct hot- and cold-weather tests, as well as more testing in the wind tunnel before the Zero EV is finally signed off for production, which is slated to start in mid-2021. Deliveries in markets where Lynk & Co. operates—i.e. not the United States—will follow later in 2021.

    Geely SEA (Sustainable Experience Architecture) modular EV platform

    Geely SEA (Sustainable Experience Architecture) modular EV platform

    “The speed at which we have taken the SEA-based Zero EV from concept to production-ready is really amazing,” Kent Bovellan, chief engineer for the SEA platform at Geely, said in a statement.

    The SEA platform is capable of spawning models from the subcompact segment right through to the mid-size segment, as well as car, SUV and light commercial body styles.

    Beyond Lynk & Co., expect to see it underpin vehicles at fellow Geely brands Volvo and Polestar, and perhaps even Lotus.

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