China’s Zhejiang Geely Holding Group Company (Geely) has stepped up its efforts to acquire all outstanding shares in its Zeekr premium battery electric vehicle (BEV) subsidiary, with the aim of taking the company private again. The move is part of the automaker’s plans to streamline the group’s global operations, generate additional synergies between the individual brands, and create two main divisions – its Geely mass market vehicle unit and the Zeekr premium brand.
Geely currently owns just under 63% of Zeekr Intelligent Technology Holding (Zeekr Group), which is listed on the New York Stock Exchange following its initial public offering (IPO) in May 2024. Earlier this year the company offered US$ 2.2 billion for all of the outstanding shares, an offer that has since been increased to US$ 2.4 billion (US$ 2.687 per share) – valuing the company at US$ 6.83 billion.
Zeekr was founded in 2021 as Geely’s premium BEV brand, incorporating the group’s latest technologies. It delivered over 222,000 vehicles globally in 2024, generating a turnover of CNY 75.9 billion (US$ 10.6 billion).
