China's Geely Automobile plans new EV unit after profit fell by a third in 2020

China's Geely Automobile plans new EV unit after profit fell by a third in 2020

Today·2021-03-23 13:01

BEIJING -China's Geely Automobile Holdings Ltd said on Tuesday it and its parent Zhejiang Geely Holding Group will form a joint venture for electric vehicles (EV) and launch a new brand called Zeekr, after its profit fell 32% last year.

In two earlier reports, people familiar with the matter exclusively told Reuters about Geely's plans for the new company and brand.

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