Geely Auto Europe to double vehicle projects by next year

China’s Geely Auto Group 0175.HK said on Thursday its European technology hub plans to double the number of vehicle projects it manages by next year, as the carmaker intensifies efforts to compete in the region.

Since last year, the group has been streamlining brands and engineering operations to cut costs as fierce price competition erodes margins in China’s EV market.

• Geely Auto Group said the unit will provide engineering support across the Zeekr, Lynk & Co, and Geely brands, to shrink the gap between China and overseas product launches to less than six months

• Geely Auto has maintained a European R&D presence since 2013, with its Gothenburg centre operating under successive banners including China Euro Vehicle Technology (CEVT) and Zeekr Technology Europe, alongside a smaller Frankfurt unit that will all now be under the Geely Tech Europe name

• Its parent Geely Holding Group said in January it plans by 2030 to rank among the world's top five automakers and have global sales of over 6.5 million cars, with one-third of that being abroad, where Europe is a key part

• Reuters and others have previously reported that Geely has held talks with automakers including Mercedes-Benz MBGn.DE and Ford on potential manufacturing and technology partnerships

• Geely Auto is a sister brand to Sweden’s Volvo Cars and Polestar, which have announced cost cuts and deeper integration within the wider Geely group

Geely Holding's European footprint https://www.reuters.com/graphics/AUTOS-GEELY/EUROPE/znpnmxzrnvl/chart.png

-Reporting by Marie Mannes;Editing by Bernadette Baum/Reuters