Since last year, the group has been streamlining brands and engineering operations to cut costs as fierce price competition erodes margins in China’s EV market
International News via Reuters:
China’s Geely Auto Group said on Thursday its European technology hub plans to double the number of vehicle projects it manages by next year, as the carmaker intensifies efforts to compete in the region.
Since last year, the group has been streamlining brands and engineering operations to cut costs as fierce price competition erodes margins in China’s EV market.* Geely Auto Group said the unit will provide engineeringsupport across the Zeekr, Lynk & Co, and Geely brands, to shrinkthe gap between China and overseas product launches to less thansix months * Geely Auto has maintained a European R&D presence since2013, with its Gothenburg centre operating under successivebanners including China Euro Vehicle Technology (CEVT) and ZeekrTechnology Europe, alongside a smaller Frankfurt unit that willall now be under the Geely Tech Europe name * Its parent Geely Holding Group said in January it plans by2030 to rank among the world’s top five automakers and haveglobal sales of over 6.5 million cars, with one-third of thatbeing abroad, where Europe is a key part * Reuters and others have previously reported that Geely hasheld talks with automakers including Mercedes-Benz and Ford onpotential manufacturing and technology partnerships * Geely Auto is a sister brand to Sweden’s Volvo Cars andPolestar, which have announced cost cuts and deeper integrationwithin the wider Geely group
Reporting by Marie MannesEditing by Bernadette Baum
