The automaker is jumping into the phone industry!

3 mins read
The automaker is jumping into the phone industry!

Geely is preparing to jump into the smartphone industry. The automotive giant allegedly wants to buy Meizu.

Chinese car giant Geely has set out to enter the smartphone industry. The company, which owns major brands such as Lotus, Volvo and Polestar, has moved on to the countdown to a different competition. According to some claims, the company has already made plans for entry into the sector.

Geely, who wanted to start by buying a company that existed in the market, set his sights on Meizu. The automotive giant wants to buy the smartphone maker.

Geely wants to buy Meizu

Geely wants to buy Meizu.

Meizu, which attracted attention with its price performance products for a period, is quite stagnant at the time. Unable to reach its former popularity, the company also lagged well behind in competition. Geely, a longtime industry follower, also wants to continue its investments by acquiring Meizu. The automotive giant, which is planning a acquisition, plans to launch its own smartphones in 2023, according to preliminary reports.

Geely, who is known to follow the smartphone market and has also created a fund called Xingji Times, has also signed on to the issue. The company has recruited a number of key executives from the market’s pioneers Oppo, Xiaomi and ZTE. The firm allegedly made a $1.5 billion investment before it had even acquired Meizu.

Li Shufu, Chairman of Geely Holding Group, has spoken in the past about the importance of the smartphone industry and signaled that they can make a breakthrough in this direction. The company, which also turned out to be looking for a partner, is close to a deal with Foxconn. The pair, who are considering cooperation for R&D studies, want to exist in the smartphone industry.

However, the Meizu front delivers smartphones to close to 1 million units annually. The company, which has reached figures of 20 million in the past, is also looking for its old days. Struggling to impress the customer in the market, Meizu can find the energy to stand up again with Geely. Although the allegations are serious, there was no immediate comment from spokespeople for the companies mentioned. Let’s wait and see if Geely can enter the smartphone industry at the end of the day.

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