Gelonghui December 13?$Geely Automobile (00175.HK) $) announced that on December 13, 2021, the company entered into an investment cooperation agreement with 601777.SH Technology, under which the parties agreed to form a joint venture company to engage in the research, development, sales and operation of automobiles (including, but not limited to, changing streetcars). The registered capital of the joint venture company will be 600 million yuan, which will be funded by the company and Lifan Technology by 50% each.

The announcement said that the establishment of the joint venture company is based on the principle of "complementary advantages, mutual support, long-term cooperation and common development". Its ultimate goal is to develop, sell and operate cars (including, but not limited to, changing streetcars). Jointly promote the transformation and upgrading of Lifan technology automobile industry, so as to promote the rapid increase of the overall market share of its products in the passenger car market. At the same time, the establishment of the joint venture company can continue to promote the upward development of Geely brands and form a complete coverage of different levels of the mainstream market through the combination and layout of various brands.