For Geely, adding a smartphone maker to its stable comes as cars morph from mere forms of transport into electric, internet-connected and autonomous vehicles powered by highly sophisticated technology.
Zhejiang Geely Holding Group Co., the satellite-to-automobile group controlled by billionaire Li Shufu, has purchased a majority stake in Chinese smartphone maker Meizu Technology Co., according to a Caixin report that cited an announcement from the State Administration of Market Regulation.
Geely unit Hubei Xingji Shidai Technology Co. bought a 79% interest in Meizu from Meizu’s founder and a unit of Alibaba Group Holding Ltd., the report, which didn’t give a value of the transaction, said on Tuesday. Speculation that Geely was in talks to acquire the mobile phone maker surfaced earlier this year.
