Geely, Switzerland's Concordium Foundation Partner to Provide Blockchain Service

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Zhejiang Geely Holding Group [0175:HK] and Switzerland’s Concordium Foundation have signed an agreement to offer blockchain technology and services across China, as reported by China Daily on February 19. Specifically, the new JV will apply blockchain technology to business use-cases and solutions to provide a range of services to customers. Geely further stated that it will hold a majority stake of 80% in the new JV, while Concordium will hold the remainder. The new blockchain JV is scheduled to become operational by year-end, subject to regulatory approvals.

The deal is part of Geely’s plan to expand its development of innovative technologies by forging new partnerships and leveraging its resources to increase value for its customers. On February 21, Geely president Li Shufu announced that the automaker will open a new pure-electric vehicle affiliate and expand its R&D of intelligent NEVs. In January, the automaker giant announced that it had signed a collaboration agreement with EV startup Faraday Future (FF) to jointly explore use-cases of original equipment manufacturing (OEM) production services provided by a separate Foxconn [2317:TT] JV. In January, Geely recorded a 34% YoY rise in autos sales for the month which can be attributed to the ongoing strong recovery of China’s auto industry.

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