李书福是保守，还是行险棋？

Core Viewpoint - Geely is restructuring its smart driving teams by integrating them into a newly established company, Qianli Zhijia, aiming to enhance efficiency and reduce costs while facing challenges in technology integration and collaboration [1][2][6]. Group 1: Team Integration and Structure - Geely is merging multiple smart driving teams, including Zeekr's smart driving team (approximately 1,300 people), Geely Research Institute's smart driving center (around 1,000 people), and smart's driving team (about 100 people) into Qianli Zhijia [2]. - Qianli Zhijia was established in June this year and is co-owned by several entities, including Megvii's autonomous driving company and Geely's subsidiaries, with an expected team size of around 3,000 after integration [2][3]. Group 2: Strategic Intent and Financial Implications - The integration is part of Geely's broader strategy to optimize its smart driving assets, with plans to exchange these assets for a 30% stake in Qianli Zhijia [4][5]. - Geely's investment in Qianli Zhijia is characterized as an industrial investment, indicating a shift towards a supplier relationship rather than maintaining in-house development [6]. Group 3: Challenges and Market Position - The restructuring is seen as a response to inefficiencies within Geely's research teams, which have been criticized for low output despite large team sizes [9][14]. - The integration aims to consolidate resources and improve cost efficiency, but it raises concerns about Geely's long-term control over technology and innovation capabilities [14][15]. Group 4: Future Outlook - The success of this integration will depend on the ability of the newly formed team to leverage combined expertise and deliver effective smart driving solutions [10][12]. - Geely's approach reflects a pragmatic response to the high costs and low returns associated with smart vehicle development, but it may also limit its technological independence in the long run [14][15].