• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home Business & Finance Stock Market

Exclusive-Zeekr to take control of Lynk in major Geely shake-up, sources say By Reuters

November 14, 2024
in Stock Market
Reading Time: 2 mins read
A A
0
Exclusive-Zeekr to take control of Lynk in major Geely shake-up, sources say By Reuters
4
SHARES
8
VIEWS
Share on FacebookShare on Twitter


HONG KONG/SHANGHAI (Reuters) -Chinese premium electric vehicle maker Zeekr will take control of Lynk & Co, a sister brand owned by Geely and Volvo (OTC:) Cars, two sources with direct knowledge of the plans said.

It’s the first big restructuring move in a sweeping overhaul planned by Geely Holding, the parent company of all three automakers as well as nine other car or truck brands, as it shifts away from acquisitions to streamlining its operations and cutting costs.

Under the deal, Zeekr will purchase Volvo Cars’ entire 30% stake in Lynk and a 20% stake from Geely Holding, said the sources who declined to be identified as the discussions were private.

Zeekr will then to nudge its stake up to 51% with a capital injection while Geely Automobile Holdings (OTC:), the group’s main listed arm, will continue to own the rest, one of the sources said.

The deal values the Chinese-Swedish brand at around 18 billion yuan ($2.5 billion) and should be completed by June next year, said the person.

Details of the planned transaction have not previously been reported.

Geely Holding declined to comment.

Geely Chairman Eric Li announced plans for the group overhaul in September, telling staff that deep integration was needed to improve efficiency and reduce costs. All brands in the group should clarify how its models are positioned so that overlap can be avoided, he added.

Zeekr and Lynk have some overlap with similar products and pricing, cannabilising each other’s sales, analysts have said.

Within the group, Zeekr is expected to lead innovation for electric and connected vehicles, sharing that research with other brands including Lynk and Polestar (NASDAQ:), said one of the sources and a third person with direct knowledge of integration.

Lynk’s product team started to report to Zeekr CEO Andy An last week and there have been discussions about leveraging more technologies and components that the two automakers share, the third person said.

Lynk’s two latest EV models, the Z10 and Z20, share the same architecture used by Zeekr’s cars while its gasoline and hybrid models use different platforms developed by Geely and Volvo Cars.

Lynk, which was launched in 2016 and currently has nine models, sold roughly 195,600 vehicles in the first nine months of the year, a 40% increase over the same period a year ago.

By comparison, Zeekr, a three-year old brand, sold almost 143,000 cars in the first nine months of 2024 with six models, up 81%.

Zeekr listed in New York in May and has seen its shares climb almost 40% since then, giving it a market value of $7.3 billion.

($1 = 7.2425 )

 


Previous Post

Atlas.co wants its web-based mapping tool to be the Figma of geospatial data

Next Post

A Sea Snail Toxin Could Inspire New Diabetes Drugs

Related Posts

XRP and DOGE Defy Flat Funding Trend Against BTC todayheadline

May 24, 2025
3
Indonesia to launch economic stimulus to boost consumption

Indonesia to launch economic stimulus to boost consumption todayheadline

May 24, 2025
4
Next Post
Two dogs stand next to each other. The dog on the left has its tail up, while the dog on the right has its tail lowered.

A Sea Snail Toxin Could Inspire New Diabetes Drugs

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0
Monsoon reaches Kerala; marks earliest onset in over a decade

Monsoon reaches Kerala; marks earliest onset in over a decade todayheadline

May 24, 2025
President Trump set to give commencement address to West Point graduates

President Trump set to give commencement address to West Point graduates

May 24, 2025
China’s Li Qiang congratulates Singapore’s Wong on win, looks forward to friendly ties

China’s Li Qiang congratulates Singapore’s Wong on win, looks forward to friendly ties

May 24, 2025
‘Need answers’: Will Sri Lanka’s Tamils find war closure under Dissanayake?

‘Need answers’: Will Sri Lanka’s Tamils find war closure under Dissanayake?

May 24, 2025

Recent News

Monsoon reaches Kerala; marks earliest onset in over a decade

Monsoon reaches Kerala; marks earliest onset in over a decade todayheadline

May 24, 2025
4
President Trump set to give commencement address to West Point graduates

President Trump set to give commencement address to West Point graduates

May 24, 2025
3
China’s Li Qiang congratulates Singapore’s Wong on win, looks forward to friendly ties

China’s Li Qiang congratulates Singapore’s Wong on win, looks forward to friendly ties

May 24, 2025
2
‘Need answers’: Will Sri Lanka’s Tamils find war closure under Dissanayake?

‘Need answers’: Will Sri Lanka’s Tamils find war closure under Dissanayake?

May 24, 2025
4

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Monsoon reaches Kerala; marks earliest onset in over a decade

Monsoon reaches Kerala; marks earliest onset in over a decade todayheadline

May 24, 2025
President Trump set to give commencement address to West Point graduates

President Trump set to give commencement address to West Point graduates

May 24, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co