According to Economic Daily, this merger is part of the focus strategy outlined in the Geely Group's September 1 statement. Zeekr, launched in 2021, has become a formidable competitor in the electric vehicle market, while Lynk & Co (a joint venture between Geely and Volvo) faces many challenges in the face of the rapid development of electric vehicles.
As part of the merger, Lynk & Co will retain the brand, but its team and strategy will work more closely with Zeekr to deliver more innovative models. The partnership is aimed at reducing internal competition and optimizing resources, targeting the Chinese auto market, where competition is fierce and consumer demand is rapidly changing.
In October 2024, Geely sold 226,686 vehicles (up 28%) compared to the previous year. Sales of pure electric vehicles also increased by 132% to 78,858 units. Of which, Lynk & Co and Zeekr accounted for nearly 30% of Geely's total sales in the first 3 quarters of the year.
According to the report, in October 2024, Zeekr's market share continued to grow by 92%, reaching 25,049 vehicles. Despite more disadvantages, Lynk & Co also recorded an increase of 26% (as of October 2024). As of November 2024, Geely Group sold 1.32 million vehicles (including 408,000 pure electric vehicles), an increase of 26% compared to 2023.
Lynk & Co entered the Vietnamese market in August 2023, right after Wuling and Haval. The electric vehicle brand Zeekr entered the Vietnamese market in September 2024, but so far there is no information about the products that will be sold here.
