Geely creates a wholly owned industrial investment subsidiary

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Shanghai (Gasgou) – Zhejiang Geely Holding Group recently founded an industrial investment subsidiary, whose business scope covers the sale of new energy vehicles (NEV).

The newly formed company, named Zhejiang Geely Industry Investment Holding Co., Ltd., was established on September 29 in Ningbo, Zhejiang province, according to the Tianyancha Company Information Platform. Involving a registered capital of 100 million yuan (15.52 million dollars), it is fully controlled by Zhejiang Geely Holding Group.

Photo credit: Geely

The new subsidiary has a line of activities comprising services related to the holding company, management of corporate and corporate headquarters, brand management, sale of traditional fuel vehicles and NEVs, retail automotive parts, as well as automotive R&D. machine components and equipment, according to Tianyancha.

Geely is trying to strengthen its presence in more areas besides the automotive industry. In addition to the aforementioned industrial investment company, a Geely-backed battery power company was also established at the end of September.

Named Shandong Geely Sunwoda Power Battery Co., Ltd., the battery company is jointly owned by Sunwoda Electric Vehicle Battery Co., Ltd. (30%), Geely Auto Group (28.5%) and Jirun Automobile (41.5%), an indirect subsidiary 99% owned by Geely Automobile Holdings Limited. It records a scope of activity covering the sale of batteries, electronic products and electric motors, the manufacture of batteries and automotive parts, as well as the R&D of automotive parts.

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Hubei Xingji Shidai Technology Co., Ltd., Wuhan Economic and Technological Development Zone Signing Agreement; photo credit: Geely

It is worth mentioning that Li Shufu, founder and chairman of Zhejiang Geely Holding Group, last month launched a new company to manufacture smartphones in the interest of a perfectly connected ecosystem.

On September 28, the new company, called Hubei Xingji Shidai Technology, signed an agreement with Wuhan Economic and Technological Development Zone to establish its head office in the capital of central China’s Hubei Province, where it will develop high-end smartphones.

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