Spaghetti junction

24 March 2021 By Katrina Hamlin Follow @KatrinaHamlin

A new battery-vehicle unit could help the $29 bln carmaker and its Li Shufu-owned parent compete with startups like Nio. But they’re also chasing a luxury brand, contract manufacturing and a novel share-ownership scheme while shifting CEOs. A more focused route would be better.

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China's Geely Automobile on March 23 reported net profit fell 32% year-on-year to 5.5 billion yuan ($844 million) in 2020. It sold 1.32 million cars, compared with 1.36 million a year earlier.

The company also announced an electric-vehicle joint venture with its parent group and the launch of a new brand called Zeekr. Geely Automobile and parent Zhejiang Geely Holding Group will jointly invest 2 billion yuan in the new venture. Geely Automobile will own 51% of the new company.

Geely’s Hong Kong-listed shares fell 6.6% by the close on March 23.

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