Both from China, Geely Automobile officially announced earlier that it has officially established a new joint venture company with Lifan Technology, named Chongqing Ruilan Automotive Technology Co., Ltd. Ruilan Automotive has already completed industrial and commercial registration and is expected to be located in Liangjiang New District, Chongqing.
In October 2021, Jiayue Gan, CEO of Geely Automobile Group, stated at Geely Automobile’s strategy conference that a new brand of battery-swapping service will be launched soon. Two months later, he officially announced that Geely Automobile and Liana Technology would each invest 300 million RMB to establish a joint venture company. Ruilan Automobile, the new company will be engaged in the research and development, sales and operation of vehicles including but not limited to electric cars, for the exploration of forward-looking technologies such as V2G and S2G, as well as the “vehicle-electricity separation” of retired battery energy storage utilization and scrapped battery regeneration treatment. “Management model and ecological layout.
The most eye-catching products and services of Ruilan Automobile are providing a complete set of solutions, focus on battery replacement products and services for B-end and C-end users. Ruilan Automobile will adopt Geely Automobile’s battery swap platform “Global Battery Rapid Change”. With GBRC’s powerful compatibility, it can adapt to a wide wheelbase range of 2700-3100mm, covering many categories such as cars, SUVs, MPVs, even logistics vehicles, light trucks, etc. Therefore meeting the needs of online car-hailing, private cars, taxis, and logistics companies and other market demands. It is reported that by 2025, the joint venture company plans to build more than 5,000 high-speed power swap stations, covering more than 100 core cities. In addition, in terms of battery replacement services, it plans to launch a rapid battery replacement service with higher compatibility, high intelligence and high security, bringing a new energy replenishment experience to all users.
After the news was officially announced, as of the close on January 24, Geely Automobile’s Hong Kong stock closed at $18.76 HKD per share, down 3.5%, with a total market value of $188 billion HKD.