Geely Automobile Holdings (HKG:0175) subsidiary Zhejiang Jirun signed a Joint Venture (JV) Framework Agreement with multiple partners to establish a company focused on intelligent driving technology.

The JV will be owned 30% each by the Geely Automobile, Chongqing Maichi, and QL Partnership, while Lotus Robotics and an Employee Incentive Platform will hold 5% each.

The transaction, classified as a connected transaction under listing rules, requires reporting but is exempt from independent shareholder approval.

The automakers' share prices were down by over 1% in recent trading.