- The fund will invest in promising companies in fields such as autonomous driving, electrification and connectivity, and aims to attract global investors
- Recently, Geely said that it would build an electric vehicle battery factory with a planned annual manufacturing capacity of 42 gigawatt hours (GWh) in China’s eastern city of Ganzhou
As per a report by Reuters, South Korea’s SK Holdings Co Ltd said it and China’s Zhejiang Geely Holding Group Co Ltd will each invest $30 million in a new mobility investment fund whose size they plan will reach $300 million in total. The report added that the fund will invest in promising companies in fields such as autonomous driving, electrification and connectivity, and aims to attract global investors. This includes European banks and pension funds in Asia, the holding firm of South Korea’s third-largest conglomerate SK Group said in a statement.
The report added that SK also said it has agreed with Geely, parent of Geely Automobile Holdings Ltd, to promote diverse cooperation in next-generation mobility businesses involving hydrogen fuel, battery-related materials, chips and autonomous driving technology. Geely, which owns Volvo Cars and a 9.7 per cent stake in Daimler AG, did not immediately respond to a request for comment added the report.
Build an electric vehicle battery factory
Recently, Geely said that it would build an electric vehicle battery factory with a planned annual manufacturing capacity of 42 gigawatt hours (GWh) in China’s eastern city of Ganzhou. The total investment in the project by Geely’s technology arm will be 30 billion yuan ($4.61 billion), according to a separate statement from the local government added the report. Geely’s technology group has previously invested in Ganzhou-based EV battery maker Farasis
