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China: Geely subsidiary signs deal for joint venture on electric vehicles

Shanghai Maple Guorun, a subsidiary of Zhejiang Geely Holding Group’s Hong Kong-listed arm, said that it has signed an agreement with Kandi Vehicles to set up a 50-50 joint venture for electric vehicles.

With registered capital of 1 billion yuan ($160 million), the joint venture will engage in the investment, research and development, production, marketing and sales of electric vehicles on the Chinese mainland.

The venture will not become a subsidiary of Geely or Kandi, and its financial results will not be consolidated into the financial statements of either groups or their respective subsidiaries, Geely Automobile Holding Ltd said in a statement to the Hong Kong Stock Exchange.

“The cooperation with Kandi Vehicles, subsidiary of Nasdaq-listed Kandi Technologies, is a carefully considered integration of both parts’ advantages on technologies and models in the new-energy vehicle sector,” said Yang Xueliang, a spokesman for Geely.

“As a company that has always been putting heavy investment and efforts in electric vehicles, a sector in which we see huge potential, Geely took a fancy to Kandi’s smaller-sized, low-cost and low-speed electric vehicles,” Yang said.
More chinadaily.com

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