Geely’s infant EV brand ZEEKR sets up sales service subsidiary in Hangzhou

Shanghai (Gasgoo)- ZEEKR, an infant electric mobility technology and solution company of Geely, founded on Aug. 6 a sales service subsidiary in Hangzhou, the capital of Zhejiang province.

Dubbed Hangzhou ZEEKR Auto Sales Service Co.,Ltd., the new company involves a registered capital of 10 million yuan ($1.542 million) and is wholly controlled by Zhejiang ZEEKR Intelligent Technology Co.,Ltd., whose chairman is Li Shufu, the founder and chairman of Zhejiang Geely Holding Group (ZGH), according to the business information provider Tianyancha. Its business scope encompasses the sale of new energy vehicles (NEVs), NEV-used electric accessories, auto parts, and charging piles, the mini-/small-sized car rental service, as well as the retail of used cars.

ZEEKR 001; photo credit: ZEEKR

Geely Auto Group (Geely Auto) announced in March the formation of ZEEKR Company Limited, which would serve growing global demand for premium electric vehicles. According to Geely, ZEEKR would use Geely Holding Group's leading Sustainable Experience Architecture (SEA) and would have its own battery technologies, battery management systems, electric motor technologies and electric vehicle supply chain support.

On April 15, the first ZEEKR-branded production model, the ZEEKR 001, was launched with its presale kicking off at the same time. The vehicle is expected for delivery in October this year.

ZEEKR was initially jointly owned by Geely Automobile Holdings (the listed arm of Geely Auto) and ZGH under a 51% and 49% share structure. In July, Geely Auto pulled out as the majority shareholder of ZEEKR, which is now wholly owned by Shanghai Maple Guorun Automobile Co.,Ltd., a 91% owned subsidiary of Value Century. What's more interesting, Value Century is a wholly owned subsidiary of Geely Automobile Holdings.

According to a statement released by Geely Auto in late June, the board of ZEEKR Intelligent Technology had passed a resolution to explore different external financing options for the sustainable development of ZEEKR brand.