Lifan plans to establish a joint venture with Geely, each investing 300 million yuan to hold 50% of the shares

Blue Whale Automobile, December 15, Lifan Technology issued an announcement that it intends to jointly invest in the establishment of a joint venture with Geely Automobile Holdings Co., Ltd., the registered capital of the joint venture company is 600 million yuan, and the two parties will invest 300 million yuan each in the form of monetary funds, with a shareholding ratio of 50%.

According to the announcement, the joint venture company was established in the direct management area of Liangjiang New District, Chongqing, and its business scope is vehicle design, research and development, sales (including accessories, parts processing equipment, automotive decoration); import and export of goods, agent import and export, technology import and export; software development; technology development, technical services, technical consulting, and technology transfer. The company has set up a shareholders' meeting, a board of directors, a board of supervisors, etc., of which 6 members of the board of directors, Lifan Technology and Geely Automobile each appointed 3 directors. The general manager, deputy general manager, financial person in charge and other senior management personnel of the joint venture company are nominated by Lifan Technology and appointed by the board of directors of the joint venture company.

In terms of business, Geely Automobile will fully support the management and operation of the joint venture's car-making business, and integrate, improve and upgrade Lifan Technology's automobile R&D system, supply chain management, technology platform, sales channels and systematic manufacturing management plan. In addition, Geely Automobile and Lifan Technology will also coordinate travel companies and power exchange service companies to match models and reasonably create a power exchange network ecology.