Inchcape and Geely Auto announce Partnership

RNS Number : 8349G

Inchcape PLC

29 July 2021

 

29 July 2021

Inchcape and Geely Auto announce Global Strategic Partnership

Inchcape plc, ("Inchcape" or "the Group"), the leading independent global automotive distributor, announces that it has entered into a global strategic partnership ("the partnership") with Geely Auto ("Geely"), China's leading automobile manufacturer.

The partnership, launched with a market distribution agreement for Chile, will be a long-term relationship that will be developed on a country-by-country basis.

Geely is recognised as a major force in automotive innovation, not least in the development of electric vehicles.  Geely's Sustainable Experience Architecture ("SEA") is the world's first open-source electric vehicle architecture which is expected to rapidly expand the volume and scalability of zero-emission models.

In 2020, Geely celebrated the sale of its 10 millionth vehicle, becoming the first Chinese OEM to attain this remarkable milestone.

Duncan Tait, Group CEO of Inchcape, commented:

"This is an exciting opportunity for both Inchcape and Geely.  Inchcape's purpose is to bring mobility to the world's communities for today, for tomorrow and for the better. In that context, Geely's innovation, exemplified by its strong product development in Gasoline, Hybrid and Electric Vehicles, will play an important part in meeting consumer demands, sustainably.

Geely will benefit from Inchcape's focus on digital, data and analytics. Our Digital Experience Platform facilitates a more digital car buying experience, and we are deploying our Digital Analytics Platform to provide insights to us, our dealer network and our OEM partners.

We look forward to working with Geely to deliver high-tech and high-value-add vehicles that benefit from their strengths in automotive design, intelligent manufacturing, R&D and quality control.

Inchcape's well-established presence and deep understanding of the Chilean market will serve as a good starting point for our strategic co-operation and we look forward to bringing Geely vehicles into more markets."

Lin Jie, Senior Vice President of Geely Auto Group, commented:

"Thanks to our new generation of products and the successful transformation of our overseas operation strategy in recent years, Geely Auto achieved a new breakthrough in sales volume in Eastern Europe, the Middle East and Asia-Pacific markets, and also succeeded in a comprehensive breakthrough and upgrade in brand cultivation. In the period from January to June, Geely Auto has exported 53,422 units, up 173% year on year.

Considering that Inchcape has been operating mainstream brands in Chile for many years, boasting a professional team, rich experience in market operation and modern management systems, our joining hands in the Chilean market is bound to be a win-win co-operation, which convinces me that a new chapter will be written by Geely in Chile."

2021 Interim Results

In a separate release, Inchcape has published its 2021 interim results. A presentation for analysts and investors will be held at 08:30 (UK time). To register please contact Instinctif Partners at [e-mail] . An audiocast of the presentation will be available via the Company's website, www.inchcape.com .

Contacts

Inchcape plc:
Raghav Gupta-Chaudhary	Investor queries	[phone]	[e-mail]
Mark McCarthy	Media queries	[phone]
Media enquiries:
Mark Garraway		[phone]
Tim McCall / Galyna Kulachek		[phone]	[e-mail]

About Inchcape

Inchcape is the leading independent multi-brand global automotive distributor, operating in 36 markets with a portfolio of the world's leading automotive brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange (INCH) since 1958, is headquartered in London and employs around 15,000 people. www.inchcape.com .

About Geely Auto

Geely Auto Group is a leading automobile manufacturer based in Hangzhou, China and was founded in 1997 as a subsidiary of  Zhejiang Geely Holding Group . Geely Auto Group sells vehicles under the Geely Auto brand and holds a 50% stake in the LYNK & CO brand. Geely Auto has won the sales champion of Chinese auto brands consecutively in 2017, 2018, 2019 and 2020. With its strong product power, Geely Auto successfully surpassed 10 million units in global sales in 2020.

Geely has established many world-class modern manufacturing plants in China, the United States, the United Kingdom, Sweden, Belgium, Belarus, Malaysia and other countries; it has five global design centers in Shanghai, Gothenburg, Barcelona, California and Coventry respectively. It boasts five global engineering R&D centers in Hangzhou, Ningbo, Gothenburg, Coventry and Frankfurt respectively, staffing with more than 20,000 R&D members.

Geely Auto Group has been listed on the Stock Exchange of Hong Kong Limited (stock code: 175) since 2005. Geely's controlling shareholder is Geely Holding Group Company Limited, which has a significant interest in a number of globally recognised car brands like Volvo, Polestar, Lotus, Lynk & Co, Proton and LEVC. www.global.geely.com

 

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