Geely Holding Grp., partners with Foxconn and Baidu

Zhejiang Geely Holding Group (Geely Holding) just signed a strategic cooperative agreement with and Foxconn Technology Group (Foxconn) which will establish a joint venture company to provide OEM production and comprehensive customized consulting services for whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms, electric vehicle industry value chain, among others to global automotive enterprises.

The new joint venture will revolutionize the automotive industry and will help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies. Geely Holding Group and Foxconn will each hold 50% of the venture. The board of directors will consist of five members: 3 from Foxconn and 2 from Geely Holding.

Li Shufu, Chairman of Geely Holding Group, attended and witnessed the digitally held signing ceremony with An Conghui, President of Geely Holding Group and President and CEO of Geely Auto Group, who signed the agreement on behalf of the company. Foxconn Founder Terry Gou, attended and witnessed the digitally held signing ceremony with Young-way Liu, Chairman of Foxconn who signed the agreement on their firm’s behalf.

“This cooperation between Foxconn and Geely is of great significance to both parties. The current global automotive industry is undergoing profound changes. We must actively embrace change, build alliances, and synergize global resources to create greater value for our end users. Foxconn’s professional capabilities, rich experience, and global layout in the ICT industry offer important insight for the transformation and evolution of the automotive industry. Geely Holding Group will give full play to its advantages in the automotive fields of design, engineering, R&D, intelligent manufacturing, supply chain management, and quality control while joining forces with Foxconn to develop together and explore new pathways for transforming, improving, and achieving high-quality development of the manufacturing industry.” said Zhejiang Geely Holding Group CEO Daniel Donghui Li.

GEELY HOLDING, BAIDU SEAL PARTNERSHIP TO BUILD NEW ELECTRIC CAR COMPANY

Zhejiang Geely Holding Group (Geely Holding), also announced that they wanted to establish a new strategic partnership with Baidu, focusing on the development of connected and intelligent electric vehicles, the country’s pre-eminent search engine, information-centered internet platform, and AI company.

The strategic partnership will focus primarily on the joint research and development and production of intelligent and connected electric vehicles. The new strategic partnership will make use of Geely Holding’s recently announced pure electric architecture – Sustainable Experience Architecture (SEA) – which is the world’s first open-sourced electric vehicle architecture. The partners will utilize SEA, unveiled in September 2020, due to its leading integration of hardware, software and wider integrational capabilities in next-generation models, reflecting customer preferences and requirements for intelligent electrified vehicles.

Baidu’s strong lead in intelligent driving capabilities and its eight years of experience in the intelligent transportation field is seen to significantly contribute to the new partnership. This will equip the new entity with Baidu’s full portfolio of technologies, including Apollo autonomous driving, DuerOS for Apollo, and Baidu Maps, to help drive the new company’s growth.

The formation of the partnership comes as Geely Holding – the parent company of brands including Volvo Cars, Lynk & Co and LEVC, and lead shareholder in Geely Auto, Proton and Lotus – continues its transformation from being a traditional manufacturer into a leading transport-technology company focused on electrified mobility. Geely Holding and its brands have continued to invest in cutting edge technologies such as Internet of Vehicles, intelligent driving, mobility services, vehicle processors and low orbit satellites whilst collaborating with global partners on next-generation mobility ecosystems.