Volvo Cars to focus on Lynk & Co EV sales in Europe

Volvo Cars (VOLCARb.ST) announced on Monday that it has signed a memorandum of understanding with its Chinese sister company Geely Auto (0175.HK) to become the exclusive importer and distributor of Lynk & Co electric vehicles in Europe.

After Volvo Cars last year brought back CEO Hakan Samuelsson - a trusted confidant ​of Geely-owner Li Shufu who ran Volvo Cars for over a decade - the ​company has strengthened its collaboration with brands, suppliers and technology that are ⁠ultimately controlled by privately held Geely Holding (GEELY.UL), News.Az reports, citing foreign media.

Among them, Lynk & Co, founded in 2016 in Sweden, ​is a premium brand that sells and rents vehicles in several European markets and has ​expanded beyond its original 01 plug-in hybrid SUV.

"Volvo Cars intends to use Volvo Cars retailers for the sale of Lynk & Co cars and use its sales and servicing system in relevant markets," Volvo Cars said.

The ​new partnership will allow both brands to reach a wider audience, as they target ​different customers and segments without additional product investments, it said further.

"By leveraging Volvo Cars' central commercial operations and ‌mature ⁠dealer network, Lynk & Co Europe will achieve faster scalability capable of supporting higher volumes," Lynk & Co said in a separate statement.
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News.Az 

By Ulviyya Salmanli