China’s Geely has unveiled yet a new electric vehicle brand called Zeekr

The Chinese model of Volvo, Geely, has stated that it would be unveiling a new electric vehicle brand called Zeekr. The company boasts of being the leading Chinese private automaker and explained that it would be pumping $300 million into this new business. The venture comes amid a deal that the company is undertaking to develop satellites, drones, and trucks through collaborations with Foxconn, Baidu, and Tencent.

This news came to light through Reuters last week. The first models with the Zeekr logo will be unleashed close to the end of this year. Geely revealed this through its statement, although the company became adamant about divulging more details about the design of the model. Rumors flooding the air enumerate that the model will slot into the premium category where it would be competing established brands like Mercedes-Benz.

Reuters further reported that the model would be developed on an open-source electric vehicle chassis known as the Sustainable Experience Architecture (SEA). The company will be supplying a new electric vehicle to the market per annum through these five years. The company highlighted that it would be incorporating the charging and service delivery similar to that of Tesla but differentiated to accommodate the Zeekr user experience.

Geely announced that Zeekr is the solution to customers who love the innovation that has been directed into the ecosystem to sustain sales and service delivery. The source added that the Chinese name for the Zeekr brand would be Ji Ke. The executives of Geely are excited that the company is responding to the high demand for electric vehicles in China and the entire globe by unveiling a customized brand.

The chief executive of Zhejiang Geely, Daniel Li Donghui, told Nikkei Asia that the path to success in this industry is developing more brands that meet the customer taste and preferences. Zeekr will fuse with Volvo, which is redefining its production line to become an electric vehicle manufacturer by the end of this decade.

The company has developed various brands, including Polestar, which has a dual-motor system and a mileage range of 233 to grace Europe and the US markets. Another company also treading on this path is Lynk & Co., which is determined to manufacture electric vehicles through shared ownership. Geely has other investment plans, with the known being about 10% of ownership equity in Daimler. The company is also planning to fundraise $2.93 billion, which will allow its enlistment on the Nasdaq stock market.

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