Zeekr Group, the new entity that now houses Zhejiang Geely Holding Group’s electric vehicle brand Zeekr and smart car marque Lynk&, aims to sell 710,000 units this year and make a renewed push into overseas markets.

Chinese billionaire Li Shufu put plans in place last November to bring the two brands together and that transaction has now been completed, according to a Zeekr statement Friday. Lynk&Co was initially set up as a joint venture between Volvo Car AB and Zhejiang Geely. Under the deal, Zeekr acquired 30 percent of Lynk&Co’s shares from Volvo Car and a 20 percent stake from Geely.

Hong Kong-listed Geely Automobile (0175) retains a minority stake of 49 percent in Lynk&Co and recorded a gain of 6.47 billion yuan (HK$6.9 billion) from the change in Lynk&Co’s status, according to a separate stock exchange filing on Friday.

As well as a single global sales network that will cover most regions except Europe, where Lynk&Co has a more established presence, Zeekr Group hopes to save as much as 20 percent on research and development, sales and marketing and other administrative costs over the coming two years.