China's Geely said electric vehicle maker ZEEKR Intelligent Technology (NYSE:ZK) plans to take control of Lynk & Co as the first big restructuring move in a major reset of the holding company's automotive group.

China's Geely said on Thursday its premium electric vehicle maker Zeekr plans to take control of Lynk & Co, a sister brand - the first big restructuring move in a planned overhaul for the sprawling automotive group.

Zeekr will gain a controlling share of Lynk & Co and access to its dealer network. There is currently overlap between Zeekr and Lynk and parent company Geely wants to streamline the business and cut costs.