GEELY AUTO (00175) plans to establish a joint venture subsidiary to engage in autonomous driving business.

GEELY AUTO (00175) announced on March 2, 2025 that Zhejiang Jirun (a subsidiary of the company), Liangjiang Industrial Fund, Chongqing Industrial Fund, Chongqing Maichi, Lotus Siasun Robot & Automation, Chongqing Qianli Technology, and Jianghehui have signed a framework agreement to establish a joint venture engaged in the autonomous driving business. Upon completion of the transaction, the Group, Chongqing Maichi, Qianli Partnership Enterprise, Lotus Siasun Robot & Automation, and the employee incentive platform will each own 30%, 30%, 30%, 5%, and 5% equity in the joint venture company, respectively. The announcement stated that the joint venture company will integrate the advantages of each party in intelligent driving technology, R&D resources, funds, and industrial resources to achieve greater synergies, improve R&D efficiency, reduce costs, and accelerate the formation of an industrial leading edge in intelligent driving technology. The joint venture company will become an important partner for the Group in building an artificial intelligence ecosystem for automobiles, providing advanced intelligent driving solutions for the Group's future products. At the same time, the Group will closely collaborate with the joint venture company to enhance its own products' intelligent driving systems and applications, accelerate the iteration and upgrade of intelligent driving functions, enhance the market competitiveness of future products, and provide users with a safer and more convenient intelligent travel experience.