owns a stake in the company. In late July 2020, it was announced that the Xingma Group had agreed to transfer a 15.24% stake of its shares in the Ma'anshan-based heavy truck manufacturer Hualing Xingma to Geely New Energy Commercial Vehicle Group, a wholly owned subsidiary of Geely Holdings. After the transaction, Geely New Energy Commercial Vehicle Group would become the de facto controlling shareholder of Hualing Xingma. In September 2020, Geely started talks with rival car manufacturers, including Daimler AG, to license a new architecture it developed for building electric cars. The new technology offers increased driving ranges of up to 700 km and lighter cars. Geely is set to create an electric vehicle joint venture together with Baidu. Baidu would develop the electric car's software while Geely would manufacture the car itself. On the 23 March 2021, Geely announced its Zeekr brand of electric vehicles brand to tap into China's growing demand for these vehicles. The first Zeekr model will be based on the Zero Concept car unveiled September 2020 by Geely-owned Lynk & Co. Geely expects to begin deliveries of Zeekr models in the third quarter of 2021. In August 2021, Geely started a strategic partnership with Renault by forming a car production joint venture for China. In January 2022, the two companies signed an agreement by which Renault's South Korean subsidiary Renault Korea Motors would produce vehicles based on Geely Compact Modular Architecture platform, initially intended for the domestic market. Production is set to start by 2024. In May 2022, Renault said a Geely subsidiary was set to acquire a 34.02% of Renault Korea Motors through capital increase as part of their partnership, although the company would continue to be majority owned by Renault and a consolidated subsidiary of it. In November 2022, Renault said it plans to spun off its powertrain production and development operations (including internal combustion engines and hybrid systems) into a joint venture company with Geely as co-owner. During February 2023, Geely announced the group's official launch of a new range of electrical vehicle series product series. Geely also announced the new technologies used in there range and have stated the company plan to release seven Geely Galaxy vehicle models within the next two years. Automotive divisions and products Based in China, Zhejiang Geely Holding Group operates all over the world through its many subsidiary brands. The Group's core business activities are