Geely is actually pretty interested in the smartphone industry, and the least effortful way to do that is acquiring another company.
Meizu was once this unstoppable and innovative giant in the smartphone industry, but by late 2017, their appearance started to look bleak, and they slowly faded into obscurity, even in Mainland China. Despite that, they still somehow have the budget to produce innovative handsets as well as regular flagships. The company failed due to terrible marketing. Previously, they managed to ship over 20 million devices, now they ship around or less than 1 million.
Remember when Geely said they are interested in venturing into smartphones? A Chinese newspaper called Krypton has reported that the company is interested in acquiring Meizu’s smartphone business. This is actually the fastest and easiest way to venture into the industry. By acquiring a company already making smartphones, you don’t need to do the effort of making your own brand, your own factories, and your own research team, as it is already established for you. An absolute lazy move from Geely. The entire R&D would also be managed in-house, thus explaining the need for the acquisition.
Other than Meizu, Geely is also seeking for a manufacturing partner, with the company eyeing for Foxconn to manufacture their phones. The company has also kidnapped hired top-notch executives from Oppo, Xiaomi, and ZTE to aid in this venture. The company has also revealed that they already spent worth CNY10 billion (~USD 1.5 billion) in investments.
The company is set to release smartphones by 2023.