Zhejiang Geely Holding Group Co., owner of such brands as Volvo, Lotus and Geely, has unveiled a new auto brand, Lynk & Co. The Wall Street Journal reports the offering is an effort to compete with foreign rivals.
Lynk & Co. will be marketed to the subpremium Chinese market, with vehicles that boost tech capabilities such as free Wi-Fi and car-sharing services. The Lynk 01, the first model released under the brand, is a gas-powered SUV equipped with smart features such as voice-operated music streaming. The car retails starting at $24,000, and a preliminary sale to test the market demand for the Lynk 01 SUV sold out in two minutes.
While foreign competitors only saw a 2 percent growth in auto sales this year, Hangzhou-based Geely increased sales by 80 percent. Lynk & Co. aims to capture more of the largest auto market in the world.
“Local (Chinese) cars are now the ones that really offer the best value for money,” says Yale Zhang, managing director of consulting firm Automotive Foresight. “They will include more features, like connectivity, at a lower price.”
Lynk & Co. plans to expand into electric and other model vehicles, bringing the brand to Europe and the United States.