Geely to have a smartphone arm as it plans to acquire Meizu!
Chinese automotive giant, Geely, acquired long-time smartphone company Meizu for CNY 10 billion. Geely might be joining the smartphone market.
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| Geely buys Meizu to release a smartphone in 2023 |
Geely now owns smartphone company Meizu
Geely invested CNY 10 billion (around PHP 78.9B) into Meizu. This figure is not including the acquisition costs though. Both companies did not provide any information about that. Geely is already looking to launch its very first smartphone in 2023.
Geely also stated that mobile phones are the vehicles of software innovation that allow users to experience new technologies as soon as they are stable. This is what the company wants to do with its automobiles.
Geely is still looking for a smartphone manufacturing partner with Foxconn as the frontrunner. The acquisition is necessary because the entire R&D process will be handled in-house.
Meizu is currently only shipping under 1 million units per year which is a far cry from the 20 million peaks it had several years ago. Meizu just fell into obscurity even in China due to unsuccessful marketing campaigns.
What do you guys think?
Source: 36Krypton
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