Geely-controlled car brands Zeekr and Watch The Temptation of Kimono (2009)Lynk & Co are aiming to double annual sales from this year’s levels to 1 million units collectively in 2026, as their parent company on Thursday announced a plan to combine the two businesses under the purview of Zeekr’s chief executive Andy An. Zeekr will break into China’s mainstream car segment with a price range of RMB 150,000 to RMB 350,000 ($20,745-$48,405) after taking control of its sister brand, and therefore cover 60% of China’s auto market, up from less than 20% focused on the more premium segment. That’s according to An, who is also Geely’s president, and was speaking to analysts on Thursday.
The comments were delivered as Geely announced that Zeekr will acquire a 51% stake in Lynk & Co, a Chinese-Swedish brand that has been 30% owned by Volvo since its founding in 2017. Volvo will no longer hold any Lynk & Co shares once the deal is completed by next June, according to a Reuters report, although An said Lynk & Co will continue to work closely with Volvo to expand its sales network, especially in Europe. The deal could be the boldest move yet by Geely in a reorganization plan designed to reduce costs, support profitability, and put a stop to internal competition. Zeekr and Lynk & Co lost RMB 3.8 billion and RMB 250 million during the first half of this year, respectively. [TechNode reporting, Zeekr release, Reuters]
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