China's Geely Targets South Korea For Premium EV Debut By 2026: Report
Portfolio Pulse from Shivani Kumaresan
Geely Automobile Holdings Ltd (OTC:GELYY) plans to introduce its premium electric vehicle (EV) brand, Zeekr (NYSE:ZK), to South Korea by 2026. The company aims to open showrooms in Seoul and Gyeonggi province by the end of next year, with the first model, Zeekr 001, expected to be delivered in early 2026. Geely faces challenges due to South Korea's new rule favoring EVs with higher recycled metal content. Geely has also partnered with Korea's SK Group and Posco International Inc. for battery development and sales. GELYY shares closed higher by 2.67% at $22.66 on Wednesday.
July 05, 2024 | 3:02 pm
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Geely plans to introduce its premium EV brand, Zeekr, to South Korea by 2026, with showrooms expected by the end of next year. This strategic move aims to penetrate a market dominated by Hyundai and Kia. GELYY shares closed higher by 2.67%.
Geely's strategic move to introduce its premium EV brand in South Korea is likely to boost investor confidence, as reflected by the recent 2.67% increase in GELYY shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Geely-controlled Volvo's Polestar 4 will be produced at Renault Korea’s Busan plant starting in late 2025, indicating a strategic collaboration to strengthen its EV production capabilities.
The production of Polestar 4 at Renault Korea’s Busan plant highlights Volvo's strategic efforts to enhance its EV production, likely to positively impact its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Zeekr, Geely's luxury EV brand, plans to open showrooms in Seoul and Gyeonggi province by the end of next year, with deliveries starting in early 2026. This marks Zeekr's entry into the South Korean market.
Zeekr's entry into the South Korean market is a significant step for the brand, likely to positively impact its stock price as it expands its market presence.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80