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Geely signs collaboration agreement with Shell

Geely Automobile Holdings Ltd. signed a global strategic cooperation agreement with Royal Dutch Shell PLC, expanding the companies' partnership beyond lubricants, the Hong Kong-based carmaker said June 7.

Geely did not disclose further details about the collaboration but said it represents the company's participation in the global market, as both companies aim to share strategic opportunities on China's One Belt, One Road initiative.

In the same release, the carmaker added that it plans to set up a new design studio in the U.K. to support the production of its Lotus line of cars, and to construct a new research and development center in Europe.