Zhejiang Geely Holding Group Affirms Commitment to Sweden with New Geely Innovation Centre in Gothenburg

2017 June 28^nd, Hangzhou, China. Swedish Prime Minister Stefan Löfven, Gothenburg MayorAnn-Sofie Hermansson, and their joint delegation visited Zhejiang Geely Holding Group (ZGH) headquarters in Hangzhou where they were welcomed by ZGH Chairman Mr Li Shufu and Group President Mr An Conghui. The two parties, Geely Auto Group (Geely Auto) and the City of Gothenburg signed a Letter of Intent to develop a 70,000 sq. metre Innovation Centre in the heart of Gothenburg.

The planned Geely Innovation Centre will be located at the Lindholmen Science Park in Gothenburg and will upon completion house the China Euro Vehicle Technology Centre (CEVT), Geely powertrain R&D centre, Geely Design Europe, LYNK & CO’s International Marketing, Sales, and Services, as well as several key suppliers to Geely and serviced apartment facilities. The new Geely Innovation Centre, with operations planned to start in 2020, will be wholly owned by ZGH and operated by Geely Auto through a new Swedish holding company. The Letter of Intent signifies ZGH’s commitment to the Gothenburg region and the deepening cooperative relationship between China and Sweden.

ZGH President and Geely Auto CEO, Mr An Conghui led the delegation on a tour of Geely headquarters and briefed them on Geely Auto’s latest innovative projects including the Compact Modular Architecture (CMA) that will be used by both Volvo Cars and Geely Auto. Geely Auto will develop a new series of products based on the CMA architecture for the LYNK & CO to compete in the global premium segment. All LYNK & CO vehicles are designed and engineered in Gothenburg, Sweden. PM Löfven and Mayor Hermansson were also given the opportunity to drive and experience the LYNK & CO 01 and all its features such as connectivity and sharing technology.

Prime Minister Löfven was quoted saying “We are very pleased with Geely's long-term commitment, belief and investment in Sweden. Geely has developed and strengthened Volvo as a leading car brand and this new Innovation centre, together with earlier substantial investments, contributes to both growth and jobs in Sweden.”

Mayor Hermansson said “This is indeed a great day. I am very happy about the Letter of Intent and about the establishment of a Geely Innovation Centre in Gothenburg. The new facilities will not only be an important step forward for Geely, they will also be very positive for the local automotive cluster, for the City of Gothenburg, for the automotive industry in Sweden, and for Sino-Swedish relations in general.“

Chairman Li Shufu commented, “The Swedish government and the city of Gothenburg have been very supportive of our R&D efforts and we highly appreciate their unwavering support. We are fully committed to our long term investment in Sweden, furthermore by leveraging the expertise and talent pool in Gothenburg. By working alongside the planned Electric Mobility Lab in Lindholmen, we aim to develop the Geely Innovation Centre into one of the most advanced innovation hubs in Europe.”

Press contacts:
China/International: Ashley Sutcliffe, ash@geely.com
Sweden: Stefan Lundin, stefan.lundin@cevt.se

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About Geely Holding Group

Zhejiang Geely Holding Group (Geely Holding) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development and design to production, sales and servicing.

Founded in 1986 by Li Shufu, the company’s Chairman, in the city of Taizhou in China’s Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China. The Group comprises three businesses: Geely Automobile Group, Volvo Car Group and Geely Commercial Vehicles Company. Its brands include Geely Auto, LYNK & CO, Volvo Car, Polestar, the London Taxi Company and Yuan Cheng Auto.

Geely Holding sold a combined 1.3 million vehicles in 2016, with Volvo Car sales reaching historic highs of 534,332 cars globally and Geely Auto Group sales growing over 50% to reach 765,851 units in total, exceeding the groups targets. In the first four months of 2017, Geely Auto Group sold a combined 365,308 units, an increase of 94% over the same period in 2016 and completing 37% of the groups 2017 sales goal of one million units.

ZGH has over 60,000 employees across the world, and has been listed in the Fortune 500 for the past five years. For more information regarding Zhejiang Geely Holdings please refer to the official website at www.geelyholding.com

About Geely Auto

Geely Auto is a subsidiary of Geely Auto Group, a leading auto manufacturer based in Hangzhou, China. Geely Auto Group consists of two brands, Geely Auto and LYNK & CO.

Geely Auto Group was founded in 1997, the company employs more than 30,000 people, operates 11 plants and manufactures vehicles under the Geely Auto brand. Geely vehicles are sold through a network of over 800 dealerships in China and some 350 sales and service outlets in overseas markets. The company, listed on the Hong Kong stock exchange, saw its sales volume increase to 765,000 units in 2016 with 2017 sales goal set at one million units.

The controlling shareholder in Geely Auto is Zhejiang Geely Holding Group (ZGH), which is also the parent company of Volvo Car Corporation in Sweden and the London Taxi Company. Geely Holding Group is committed to world-class research and development in the auto industry. It has established the Geely Automotive Research Institute in Hangzhou to focus on development of vehicles, engines, transmission and vehicle bound electronics. Other facilities include Design Centres in Barcelona, Gothenburg, California and Shanghai, and the China Euro Vehicle Technology (CEVT) in Gothenburg