Geely, the Chinese automotive company that owns brands such as Lotus, Volvo, and Polestar, is now about to join the mobile phone market. Reports from a Chinese website 36Krypton revealed the conglomerate is planning to purchase Meizu - the smartphone company that has been around for nearly 20 years, but hasn't been doing so hot lately. The Chinese company has been eyeing the mobile business for some time and created a separate entity called Xingji Times dedicated to it. The source revealed Geely has already invested nearly CNY10 billion ($1.5 billion) in this new enterprise, not including the potential Meizu acquisition costs. Currently, the smartphone company is shipping just under 1 million units per year, which is nowhere near the peak of 20 million several years ago.

Source: The Nation January 21, 2022 20:07 UTC