About the New EV Plan
The auto business, which owns Volvo Cars, is expected to announce it will establish Lingling Technologies this year to manage models based on its open-source EV chassis base, named Sustainable Experience Architecture, or SEA.
In addition, this new firm will take over marketing and sales of any EV under SEA, Lynk & Co., and Geometry — an EV developed by the business with plans of expansion well into 2025. Furthermore, the firm will research new approaches to product planning, marketing, and sales to steer away from conventional methods of selling an EV alongside traditional cars.
According to Reuters, company management recognized traditional methods of selling an EV were not working for the business. Geely, therefore, came to decide to establish a separate company.
The news of this new firm developed by the business comes a little over a month after Geely and Baidu, a Chinese tech company and internet provider, announced a partnership to create a standalone EV unit. On Thursday, more news came when the partnership revealed a Mobike co-founder would be CEO of the new EV company, with plans to launch their electric vehicles in the next three years.
In 2020, the car company sold roughly 1.3 million vehicles, more than the business projected. Additionally, the company had a year-on-year (YOY) increase in exported vehicles of 25.3%. The business hopes to sell 1.53 million vehicles in 2021. After a successful 2020, Geely has been receiving more media attention as it has been diving deeper into the electric vehicle market.
Other EV News
Geely is not the only car manufacturer, or business in general, to step into the electric vehicle market. On Wednesday, Startup Savant wrote about Ford’s ambitious plan to only offer EV models in Europe by 2030 — a $1billion investment.
Additionally, Volta electric trucks from Swedish EV startup company and Avenue Electron electric buses from TEMSA are hitting European markets. Startup Savant also covered GM’s new and improved Chevrolet Bolt EUV (electric utility vehicle) that is expected to hit the market later this year.
All of this is to say that the electric vehicle market is becoming more and more saturated as companies like Geely try to compete with industry leader Tesla. Businesses are investing more resources into developing and manufacturing new electric vehicles with a longer range and longer-lasting battery power. Coupled with that, there is also a focus on implementing more EV charging stations in urban areas.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.