Today a joint venture was announced between China’s Geely and Concordium to develop blockchain business models and applications for the automotive and other business sectors. Apart from its own auto brand, Geely has owned Volvo since 2010, its owner Li Shufu is the largest shareholder in Daimler (9.7%), and it has a joint venture with Mercedes for its smart car brand. It also has an electric car joint venture with Baidu and owns Lotus and other brands.
The CEO of Concordium is also the deputy chairperson of Volvo, which Geely owns. We were curious about who funded the Swiss Concordium Foundation but did not receive a response at the time of publication.
The joint venture company is expected to be incorporated this year subject to regulatory approvals and with Geely owning an 80% stake. Another Geely company, China’s Genius & Guru, which invests in fintechs and financial institutions, will partner to build out use cases in China.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
