Chinese automaker Geely, owner of Volvo Cars, on Thursday launched a high-end electric vehicle (EV) brand called Zeekr, targeting growing Chinese demand for premium EVs that has boosted sales for Tesla and Chinese peer Nio. Parent Zhejiang Geely Holding Group and Geely Automobile said last month they would jointly invest 2 billion yuan ($306 million) in the new venture, seeking to position Zeekr as a startup under the Geely group, which is also known overseas for its 9.7% stake in Germany’s Daimler AG. The price tag for Zeekr cars will be around 300,000 yuan, and Flynn Chen, Zeekr’s vice president, said the brand would explore new sales and marketing methods, including allowing customers to subscribe to car-using rights and offering a stake in the company to car buyers.
