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Electric cars in China

Geely to invest $300m to launch new EV brand Zeekr

'No major impact' from chip shortage yet but supplies already tight

The first Zeekr model will be based on the "Zero Concept" car unveiled last September by Geely's Lynk & Co. unit (Photo provided by Geely Auto).

HONG KONG -- Geely, China's largest private-sector carmaker, on Tuesday announced the launch of a new electric vehicle unit, the latest in a string of recent initiatives that have included forming partnerships with Tencent, Baidu and Foxconn.

Total initial investment in the new China-focused Zeekr unit will be 2 billion yuan ($307 million), with 51% coming from Hong Kong-listed Geely Automobile Holdings and the other 49% from parent Zhejiang Geely Holding Group.

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