Shanghai (ZXZC)- Zhejiang Geely Holding Group recently founded an industrial investment subsidiary, whose business scope covers sales of new energy vehicles (NEVs).

The newborn company, dubbed Zhejiang Geely Industry Investment Holding Co.,Ltd., was established on Sept. 29 in Ningbo, Zhejiang province, according to the company information inquiry platform Tianyancha. Involving a registered capital of 100 million yuan ($15.52 million), it is wholly controlled by Zhejiang Geely Holding Group.

Photo credit: Geely

The new subsidiary has a line of businesses including the services related to holding company, the management of enterprise and corporate headquarters, the brand management, the sales of traditional fuel vehicles and NEVs, the retail of auto parts, as well as the R&D of auto components and machinery equipment, according to Tianyancha.

Geely is trying to strengthen presence in more fields in addition to automobiles. Aside from the aforementioned industrial investment company, a Geely-backed power battery firm was also set up in late September.

Named Shandong Geely Sunwoda Power Battery Co.,Ltd., the battery company is jointly held by Sunwoda Electric Vehicle Battery Co., Ltd. (30%), Geely Auto Group (28.5%), and Jirun Automobile (41.5%), an indirect 99% owned subsidiary of Geely Automobile Holdings Limited. It records a business scope covering the sales of batteries, electronics products, and electric motors, the manufacturing of batteries and auto parts, as well as the R&D of auto parts.

Hubei Xingji Shidai Technology Co.,Ltd, Wuhan Economic and Technology Development Zone signing agreement; photo credit: Geely

It is noteworthy that Li Shufu, founder and chairman of Zhejiang Geely Holding Group, launched a new company last month to make smartphones for the sake of a seamlessly connected ecosystem.

On Sept. 28, the new venture, called Hubei Xingji Shidai Technology, signed an agreement with the Wuhan Economic and Technology Development Zone to establish its headquarters in the capital of Central China's Hubei province, where it will develop high-end smartphones.