GEELY, Yuexiu Reached a ¥3 Billion Cooperation on Battery Swapping Heavy Trucks

CHINA -- On 11 August 2022, Zhejiang Geely New Energy Commercial Vehicle Group Co Ltd.(hereinafter referred to as "Geely New Energy Commercial Vehicle Group") and Guangzhou Yuexiu Financial Leasing Company Limited (hereinafter referred to as "Yuexiu Leasing") reached a 3 billion RMB cooperation in the field of battery swapping heavy-duty trucks.

This cooperation is an important step in advancing cooperation on specific business scenarios based on the previous strategic cooperation between the two parties. Yuexiu Leasing will help Geely Commercial Vehicle Group in the development of battery swapping heavy trucks given the advantages of its financial leasing products and financial technology. The two parties will focus on the cooperation related to battery-swapping heavy-duty trucks, including sales of battery-swapping heavy-duty truck, construction and operation of battery-swapping station, data risk control, financial technology and business model innovation, to establish a “Finance+industry” ecosystem for battery-swapping industry.

Geely New Energy Commercial Vehicle Group has established Hangzhou R&D Centre based on Geely Holding Group’s Central Research Institute to focus on the development of new energy and intelligent technologies for a full range of commercial vehicles, including urban commercial vehicles with all-electric and extended electric as the core driving system, and on-highway commercial vehicles with methanol and battery swapping technology.

Established in 2012, Yuexiu Leasing is a subdiary of Guangzhou Yuexiu Financial Holding Group Co. Based on the development concept of serving the real economy, people's livelihood projects and green finance, Yuexiu Leasing will expand into the business fields of environmental protection and water, tourism and culture, transportation and logistics, and health care, and actively promote equipment leasing, vendor leasing and operational leasing to become a large Chinese leasing company with core competitiveness that is recognized by the society, shareholders and employees.

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