Shanghai (Gasgoo)- HK-listed Geely Automobile Holdings Limited ("Geely Automobile") made a significant announcement on February 20, disclosing that its subsidiary, Zhejiang Jirun, has entered into a equity transfer agreement with Geely Qizheng. Under this agreement, Zhejiang Jirun agrees to sell, and Geely Qizheng agrees to purchase, a 45% equity stake in Livan Automotive at a cash consideration of 504 million yuan.
Upon the completion of this transaction, the group (collectively called Geely Automobile and its subsidiaries) will divest its entire stake in Livan Automotive, leaving Lifan Technology and Geely Qizheng with 55% and 45% ownership, respectively.
Livan Automotive, a joint venture between Geely Auto and Lifan Technology, was established in January 2022 with a strategic focus on battery-swappable electric vehicles. Originally planned to cover a wide range of products, including sedans, SUVs, MPVs, logistics vehicles, and light trucks, Livan Auto aimed to cater to diverse markets such as ride-hailing, private ownership, taxis, and logistics.
Debuting its first model, the Maple 60S, in February 2022, Livan Automotive targeted the B2B (business-to-business) operational market with two versions priced at 139,800 yuan and 169,800 yuan, respectively. Subsequently, it introduced the all-electric MPV model, the Livan Maple 80V, catering to the B2B market as well.
In June 2022, Livan was officially launched as a standalone brand, emphasizing a battery-swapping ecosystem. By the end of the year, the Livan 9 SUV hit the market, signaling a shift from the B2B to the B2C (business-to-consumer) market. It comes with four configurations and a post-subsidy price range of 109,900 yuan to 129,900 yuan. In September 2023, Livan Automotive deepened its presence in the B2C sector with the introduction of the battery-swappable coupe SUV, Livan 7, priced between 117,700 yuan and 173,700 yuan.
Geely's 2023 sales data revealed a decline in Livan Automotive's sales to 38,001 units, a 32% drop compared to the previous year.
