Volvo, Geely to Collaborate on EVs

Volvo, Geely to Collaborate on EVs”

Volvo announced on Tuesday they will be furthering their partnership with Chinese vehicle manufacturer Geely, by joining with Lynk & Co to develop their electric auto technology.

The move came as Volvo - which a fortnight ago said all its new cars from 2019 would be available with an electric drivetrain - reported surging revenues and profits.

Geely Holdings' premium Volvo Cars unit booked a healthy rise in operating profit in the first half of 2017 despite ongoing heavy expenditure on new models such as the XC60 SUV.

Geely's new automotive venture Lynk & Co plans to sweep the market with a host of new vehicles sharing a common platform with Volvo.

Volvo President and CEO Håkan Samuelsson says partnerships to share know-how and technologies are common in the industry. This is the model we are adopting.

Volvo said it expected an upturn in the second half of the year and aimed to deliver "solid full-year growth" in the United States as tight global supply of its XC90 model eased and its new XC60 mid-size SUV hit the USA market. Lynk & Co is expected to use a transverse-mounted 1.5-liter three-cylinder and 2.0-liter four-cylinder engines developed by Volvo and licensed to Geely. This will help in reduction of the costs for a partner to develop the technology all by itself.

The trio will also share their knowledge of electric motors, battery cells and recharging systems in the hope to cutting the costs of developing expensive new technologies.

Separately, it is also announced today that Volvo is to take a significant minority shareholding in Lynk & Co. The platform will underpin Volvo's XC40, S40, and V40, and it will also be used on vehicles by Lynk & Co. Lynk & Co will be jointly owned by Geely Holding, Geely Auto and Volvo Cars.

"We will unlock significant benefits across our portfolio by sharing both technologies and next-generation vehicle architectures", Zhejiang Geely Chairman Li Shufu said in a statement.

"I am confident these synergies can be achieved while preserving the separate identities and strategic autonomy of our different automotive brands", he says.

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