TechQuickie, February 21 - Yang Xueliang, Senior Vice President of Geely Holding Group, responded on his personal Weibo account to Geely Holding's sale of Lynk & Co shares.
Yang Xueliang stated: "Let's not misunderstand, this is simply Geely listed company transferring its stake in Blue Geely Auto to Geely Auto Group."
Geely will continue to support the development of Blue Geely along with Lifan, and will increase its layout and investment in the field of battery swapping. There is still ample room for innovative cooperation in this track, and Geely will definitely become a leading enterprise.
It has been reported that on February 20th, Geely Auto Holdings Limited issued an announcement to sell 45% equity stake in Blue Geely Auto. Upon completion of the transaction, Geely Auto Holdings will no longer hold any equity in Blue Geely Auto. This transaction has resulted in a profit of 117 million CNY for Geely Auto Holdings.
Geely Auto stated that currently, Blue Geely Auto's battery swapping business is still in its early stages. It is expected that the majority of resources and continuous capital investment will be used for developing the battery swapping ecosystem and related infrastructure.
Given the competitive advantage of this group in the Chinese automotive market, the group believes that concentrating most resources on supporting the growth of new energy vehicles and selling the battery swapping business can enhance the group's competitiveness.
