Geely Automobile to Acquire 17.5% Stake in Xingqu Technology for RMB 420 Million
Geely Automobile announced that its subsidiary Zhejiang Powertrain has agreed to purchase a 17.5% stake in Xingqu Technology from Ningbo Lotus for RMB 420 million. Upon completion of the transaction, Zhejiang Powertrain's holding in Xingqu Technology will increase to 41.65%. Xingqu, founded in December 2021 under Geely Holding Group, develops high-performance electric drive systems and has completed multiple financing rounds between 2024 and 2026.
Xingqu Technology was established in December 2021 as a subsidiary of Geely Holding Group focused on the research, development and manufacturing of high-performance electric drive systems. Its main products include 400V and 800V electric drive systems and the Thunder 16-in-1 intelligent electric drive, supplying Lynk & Co, Galaxy and Leishen Power brands within the Geely group while competing in global markets.
Xingqu Technology has completed multiple financing rounds, including an A round in 2024, a B round in 2025 and a B+ round in 2026. The financing progress indicates ongoing capital operations, although specific amounts and investors have not been disclosed.
In May 2025, Geely Automobile announced that its subsidiary Zhejiang Powertrain agreed to purchase a 17.5% stake in Xingqu Technology from Ningbo Lotus for RMB 420 million. Upon completion of the transaction, Zhejiang Powertrain will hold a 41.65% interest in Xingqu Technology.
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