Geely To Launch Sino-Swedish Brand Lynk & Co In Europe Later This Year
Chinese automotive giant Geely Holding Group is planning to bring its Chinese-Swedish automobile brand Lynk & Co to Europe sometime during the second half of the year. The launch of its upscale car brand in the European market is part of the company's ambitious global push.
Geely stated on Monday that the rollout of the brand was part of its initial strategy and that it will not be diverging from its plans despite the viral pandemic. Company president, An Congui, told stakeholders at its annual results meeting that the brand should official land in Europe by the fourth quarter of this year.
The company did not immediately reveal exactly when and where it will be launching the brand. However, it did mention that it intends for Lynk & Co to become the first Chinese car brand that will be available in all major European countries.
To bring its brand to Europe, Geely plans to use Volvo's supply chain and marketing infrastructure. Geely acquired the Swedish brand in 2010 from US automaker Ford. The company plans to build the first model meant for the European market in its facility in East China's Zhejiang province.
Geely first launched its Lynk & Co brand in Berlin, Germany in late 2016. The brand is positioned to be between the company's Geely brand and the Volvo brand, sporting both luxury and affordability. Lynk & Co currently has four available models, with total sales in China last year reaching around 260,000 units.
Two new models will reportedly be added to the Lynk & Co line-up this year, all of which will become available in Europe. Meanwhile, Geely will launch four new models under its Geometry and Geely brands within the year. The company hopes that the new models will help it reach its goal of selling 1.41 million units for 2020.
Last year, the company managed to sell a total of 1.36 million vehicles, a 9 percent decline compared to its sales in the previous year. Geely attributes the decline to the overall slump in the industry and the economy as a whole. Despite the decline, Geely still managed to increase its market share in China from 6.2 percent in 2018 to 6.5 percent in 2019.
To further solidify its operations and brands, Geely announced in February that it plans to merge Geely Auto and Volvo. Following the merger, Geely stated that the combined company will be listed in Hong Kong and Sweden. Geely Auto CEO, Gui Shengyue, had assured stakeholders that they will be pushing with the merger despite the current economic and health crisis.