Geely to sell stake in EV subsidiary Ninghai Zhidou
Geely Automobile Holdings signed an agreement to sell part or all of its 45 percent stake in Ninghai Zhidou Electric Vehicles Co. to a third-party investor.
Geely did not disclose financial terms of the deal or identify the investor.
Ninghai Zhidou, located in the east China city of Ningbo, makes electric city cars. It was established in 2014 by Geely and two other Chinese companies -- electric motor maker Xindayang Group Co. and venture capital investment company GSR Ventures.
Ninghai Zhidou is one of Geely's two EV subsidiaries. The other subsidiary, Kangdi Electric Vehicle Group Co., is headquartered in the east China city of Jinhua, and also builds electric city cars.
In April, Geely launched sales of its first EV, a compact sedan, under the Geely brand. The company expects EVs, plug-in hybrids and conventional hybrids to generate 90 percent of the Geely brand¡¯s sales by 2020.
Geely, headquartered in the east China city of Hangzhou, is listed in Hong Kong. Its parent, Zhejiang Geely Holding Group Co. also owns Volvo Car Corp. and U.K. taxi maker London Taxi Co.
Ninghai Zhidou, located in the east China city of Ningbo, makes electric city cars. It was established in 2014 by Geely and two other Chinese companies -- electric motor maker Xindayang Group Co. and venture capital investment company GSR Ventures.
Ninghai Zhidou is one of Geely's two EV subsidiaries. The other subsidiary, Kangdi Electric Vehicle Group Co., is headquartered in the east China city of Jinhua, and also builds electric city cars.
In April, Geely launched sales of its first EV, a compact sedan, under the Geely brand. The company expects EVs, plug-in hybrids and conventional hybrids to generate 90 percent of the Geely brand¡¯s sales by 2020.
Geely, headquartered in the east China city of Hangzhou, is listed in Hong Kong. Its parent, Zhejiang Geely Holding Group Co. also owns Volvo Car Corp. and U.K. taxi maker London Taxi Co.
