Volvo Cars sells Lynk & Co shares to Zeekr

MANILA: Volvo Cars has sold a portion of its shares in Lynk & Co to Zeekr.

According to the Swedish car brand, it has liquidated 30 percent of its stake in Lynk & Co. Zeekr will reportedly pay eight billion Swedish kronas (approximately P43.166 billion) to acquire the said share.

The transaction is expected to close during the first quarter of 2025.

Volvo Cars explained that the reason for the sale was to allow Lynk & Co to enter a new phase of development, which includes new ownership of the company.

It is worth noting that all three brands involved in the transaction are owned by Geely.

“Volvo Cars has been a minority shareholder of Lynk & Co since the company was set up in 2017. The divestment is in connection with a new phase of development for Lynk & Co going forward, which includes a new ownership structure for the company. Volvo Cars will continue to focus on operational collaborations with Lynk & Co in selected markets where there is a strategic benefit for both companies,” the company wrote in a press release.

Volvo, Lynk & Co, Zeekr in PH

All three brands have secured a foothold in the Philippine automotive industry.

Volvo Cars is run by Scandinavian Motors Corporation in the country. The marque has a wide selection of automobiles with the most notable being its latest offerings like the all-electric XC40 Recharge and C40 Recharge models.

The hybrid Volvo XC90, S90, and XC60 are also some of its outstanding nameplates.

Lynk & Co, on the other hand, is operated by United Asia Automotive Group Incorporated. Its local roster includes the 01, 05, and 06.

As for Zeekr, the marque is led by the Autohub Group of companies. Nameplates like the X and 001 are its offerings here in the Philippines.

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