Geely Automobile to build intelligent driving joint venture with Lotus Robotics, Etc.

Beijing (Gasgoo)- On March 2, Geely Automobile Holdings Limited (Geely Automobile) announced that its subsidiary, Zhejiang Jirun, has signed a joint venture framework agreement with Two Rivers Industrial Fund, Chongqing Industrial Master Fund, Chongqing Maichi, Lotus Robotics, Qianli Technology, and Jianghehui, to establish a joint venture focused on intelligent driving business.  

Photo credit: Geely

The total investment in the joint venture will amount to 4.7515 billion yuan, with a registered capital of 200 million yuan. Upon completion, Zhejiang Jirun or its designated entity, Chongqing Maichi, and QL Partnership will each hold a 30% stake, while Lotus Robotics or its designated entity, and an employee incentive platform will each own 5%. 

Under the agreement, Zhejiang Jirun will contribute 1.3 billion yuan in assets, including intelligent driving technologies free-of-charge and 200 million yuan in cash. Chongqing Maichi will inject approximately 1.5-billion-yuan worth of intelligent driving technologies free-of-charge, while Lotus Robotics will contribute 250 million yuan in related technology. Additionally, QL Partnership and the employee incentive platform will provide 1.5 billion yuan and 150 million yuan in cash, respectively.  

Geely Automobile stated that the joint venture will integrate its partners' strengths in intelligent driving technology, R&D, funding, and industrial resources to enhance collaboration strength, improve R&D efficiency, and reduce costs, accelerating its leadership in the intelligent driving sector.  

Additionally, the joint venture will play a key role in Geely's AI-driven automotive ecosystem, providing advanced intelligent driving solutions for future Geely models. The group also plans to work closely with the new entity to enhance its smart driving capabilities and accelerate the iteration of intelligent driving features.