Geely 'to launch new car brand'

Automaker Zhejiang Geely Holding Group Co will launch a new brand next year, codenamed "L", with cars based on joint architecture developed with Volvo, three people with knowledge of the matter said.

The brand will launch with a sport utility vehicle - the first model based on the Compact Modular Architecture platform developed by Geely and Volvo, the Swedish automaker it bought from Ford Motor Co in 2010. A sedan is also under development for the new brand.

Spokesmen for both Geely and Volvo declined to comment.