Geely and Volvo's Lynk & Co set to expand to Gulf region in Q4 2021
Reuters
Published Oct 20, 2021 08:52AM ET
Updated Oct 20, 2021 11:17AM ET
SHANGHAI (Reuters) - Geely and Volvo Car's joint Lynk & Co brand said on Wednesday it plans to expand its sales network beyond China and Europe to the Gulf region in the fourth quarter of this year.
Lynk & Co, which sells and rents cars to customers on monthly subscriptions, will also begin its Asian market expansion "in due course", it said in a statement.
It will mainly sell its cars through dealers in the Middle East and Asia, like China, rather than use the subscription model it has established in Europe, said Lin Jie, a Geely Auto senior vice president who also oversees Lynk & Co's sales.
He did not specify which countries it planned to enter but said the company would focus on places with a left-hand drive system, like China.
The five-year-old brand, which currently offers just one China-made SUV compact car in hybrid and plug-in hybrid form, saw 29% sales growth in the first half of 2021 to 17,077 units, Geely reported in July.
Last week, its CEO Alain Visser told a car conference in Germany that the company could be profitable within one or two years in Europe.
Lin said the brand had also started to trial a subscription-like service in the eastern Chinese cities of Hangzhou and Ningbo.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.