Geely is actively seeking a deeper collaboration with Mercedes owner Daimler, according to the Chinese carmaker’s Chairman Li Shufu.
2020 is an important year for Geely, which plans to “launch several new products and services to our markets around the world”, according to Li who spoke to Reuters. The Chinese automotive giant is also planning to finally launch its Lynk & Co brand in Europe this year as well.
Geely holds a 9.69% stake in Daimler since 2018, with the two companies already formed a 50:50 joint venture in China to build the next-generation of Smart EV models under the name ‘Smart Automobile’.
The near-10 percent stake makes Geely Daimler’s largest equity stakeholder, followed by Kuwait’s Sovereign Savings Fund (6.8%) and Chinese BAIC Group (5%).
Back in January, reports suggested that Daimler and Volvo -which is owned by Geely- were in talks about combining their forces on the development of internal combustion engines for cost-cutting reasons.
Daimler Truck and Volvo Group have already formed a joint venture for the development and series-production of hydrogen fuel cells in the truck division, with the goal of launching the first hydrogen-powered trucks and buses after 2025.
Geely has a wide brand portfolio that includes not only Volvo and Lynk & Co, but Lotus, London Electric Vehicle Company, Proton, and Polestar in addition to their stake in Daimler.
The company’s chairman Li Shufu also added that the Chinese market is returning to normal, claiming that the pandemic-related disruption in the global auto supply chain is “temporary and manageable”.