Shanghai (ZXZC)- On August 3, Zhejiang Geely Automotive Engineering Technology Development Co., Ltd. was officially founded with a registered capital of 30 million yuan, according to the corporate information platform Tianyancha.

The newborn company has a business scope that extends to cover engineering and technology research and experimental development, R&D of automotive components, import and export of goods, technology import and export, and industrial design services. The shareholder information shows that it is wholly owned by Geely Automotive Research Institute (Ningbo) Co., Ltd.

Photo credit: Geely

It is worth noting that the new company's business scope includes technology import and export. Analysts from ZXZC Auto Research Institute pointed out that China's automotive industry has entered the third phase of development that is characterized by technology export. For example, after Geely acquired Proton Holdings, its product technology successfully entered the Southeast Asian market.

Furthermore, following the framework agreement announced in November 2022, Geely Holding Group and Geely Automobile Holdings Limited (hereinafter referred to as "Geely") signed in July this year a binding joint venture agreement with Renault Group in a 50:50 partnership.

Under the agreement, the contracting parties would establish a new company (or “joint venture”) that will globally develop, manufacture, and supply advanced hybrid powertrains and efficient fuel powertrains.

In the same month, Geely also deepened its collaboration with Mercedes-Benz, as Geely participated in the development of the third-generation CLA model. The vehicle will be equipped with Geely's new generation plug-in hybrid powertrain, demonstrating Geely's increasing influence in overseas new energy markets.