Latest news with #GeelyGroup
Reuters
08-05-2025
- Automotive
- Reuters
Geely's electric vehicle US delisting is shrewd
HONG KONG, May 8 (Reuters Breakingviews) - Sometimes a U-turn is necessary. China's Geely Auto ( opens new tab is offering, opens new tab to take electric-vehicle unit Zeekr (ZK.N), opens new tab private less than a year after the company's debut in New York. Absorbing the $6.4 billion entity will help Geely group founder Li Shufu extract synergies from his auto empire in an opportunistically timed deal. The buyout proposal announced on Wednesday offers cash of $25.66 per Zeekr American Depositary Receipt, equivalent to a roughly 14% premium to the previous day's closing price. Geely Auto shareholders welcomed the deal; its Hong Kong-listed stock rose some 5% the following morning. They have multiple reasons to cheer on the transaction. The broader Geely group and Li together hold multiple marques, from Volvo Cars ( opens new tab to Lotus Technology as well as suppliers and even a satellite specialist. At least eight of those businesses are listed. As well as adding complexity, different brands risk cannibalising each other's markets and resources. In September, Li called for, opens new tab greater focus and efficiency. The outlay looks manageable too. As Geely Auto, Li and Zeekr CEO An Conghui own more than 80% of the target company's stock, Geely would need to pay out just $1.3 billion to buy back the remainder. Geely Auto's net cash position should cover this. Its total spend could be even less if some investors opt instead for newly issued shares in the offeror. The deal is affordable by other metrics too. It values Zeekr at 0.4 times estimated revenue for 2026, according to analyst estimates gathered by Visible Alpha – less than half the average for peers Nio ( opens new tab, Xpeng ( opens new tab and Li Auto ( opens new tab. Although the offer is 22% above Zeekr's IPO price, the shares were trading as high as $32 a piece in mid-March. Here, Li may be able to thank U.S. President Donald Trump. The deteriorating Sino-American relationship may have weighed on Zeekr's stock. It is one of only a handful of large U.S.-listed Chinese entities that do not have a listing in China or Hong Kong to fall back on should American lawmakers succeed in pressuring, opens new tab the U.S. Securities and Exchange Commission to delist Chinese companies. Li will bear one big cost, however. Zeekr's abrupt change of strategic direction may leave investors wary of similarly sudden moves in the future. That could undermine his credibility when he attempts other listings, such as ride-hailing group CaoCao's planned Hong Kong IPO, opens new tab. For now, the Chinese auto tycoon is seizing the day. Follow @KatrinaHamlin, opens new tab on X Geely Auto on May 7 offered to take private its New York-listed electric vehicle unit Zeekr Intelligent Technology, valuing the company at $6.5 billion. The Chinese parent offered to pay $25.66 per Zeekr American Depositary Receipt, a premium of about 14% to Zeekr's closing price on May 6. Zeekr ADS holders can also opt to receive 12.3 newly issued Geely shares. Geely owns 65.7% of Zeekr. After the offer was announced, Zeekr shares closed the day's trade up nearly 12% at $25.19.
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Korea Herald
29-04-2025
- Automotive
- Korea Herald
[Graphic News] Global EV sales surge 36.9% as Chinese automakers take lead
Global electric vehicle sales saw a sharp rise in early 2025, with registrations jumping 36.9 percent year-over-year in January and February to a total of 2.51 million units, according to energy market research firm SNE Research. The surge underscores the growing dominance of Chinese automakers, which continue to benefit from strong government support and a thriving domestic market. Leading the global market was China's BYD, which sold 540,000 units, an 80.3 percent increase from the same period last year. Geely Group followed in second place with 287,000 units, up 79.3 percent. Tesla, which held the No. 2 spot last year, dropped to third after a 14.1 percent decline, delivering 190,000 units. Hyundai Motor Group ranked eighth with 80,000 units sold, a 15.9 percent year-on-year increase. SNE Research noted that key models such as the Ioniq 5 and EV6 have gained competitiveness through recent updates, while the newly launched Kia EV3 also helped drive global sales growth.
The Independent
24-04-2025
- Automotive
- The Independent
Zeekr car brand coming to the UK next year with high-tech luxury
New luxury brand Zeekr has confirmed that it will be selling its first cars in the UK from next year. The brand is expected to start with electric models but plug-in hybrids are likely to come to the UK, too. Zeekr is part of the giant Chinese Geely Group, which also owns Volvo, Lotus, Polestar and LEVC, and makes London's black taxis. However, although Zeekr is headquartered in Hangzhou, China, its models are designed and engineered in Gothenburg, Sweden, where the brand's head of design, former Bentley chief designer Stefan Sielaff, is based. Speaking exclusively to The Independent at the Shanghai Motor Show, Zeekr Europe CEO Lothar Schupet said: 'We are in discussion with dealer groups to enter the UK. We have initiated already the ride and drive development, which is not very complex as we have launched in Australia and Malaysia where we have already right and drive products. 'Our plan is to be live in the UK early next year and we're trying to accelerate as much as we can.' Lothar describes the UK as 'very important – one of the most important markets in Europe' and is likely to launch with the Zeekr 7X, unsurprisingly a rival for the big-selling Tesla Model Y. We've driven the Zeekr 7X and were hugely impressed, especially with the quality inside. That's just as well given the brand's positioning. 'Zeekr is a new electric brand with cutting edge technology in the luxury segment,' said Lothar. In our view, the 7X certainly feels more Audi than Tesla. 'We are within that positioning differentiating by really taking care of innovations,' Lothar continued. 'We're looking at the customer needs in terms of what is the new luxury, how you feel, how you are as a consumer. And we're really looking into what they need to move to electric mobility. 'We always have this statement: we want to accelerate the shift to electric mobility because Europe is changing and the world's changing.' Zeekr isn't alone in launching a Tesla Model Y rival, with BYD, Xpeng, Changan Deepal and others all targeting the world's best-selling car. So what is Zeekr's point of difference? 'We believe we have two main big points,' said Lothar. 'First of all, we have the power of the giant because of the Geely group in the background. So, we have access to all the partner suppliers, innovation development, the entire platforms we have been developing, financial substance and so on. 'Our statement is always that we have the power of a giant with a European soul – and that makes us really unique. We are not just exporting cars here from China to Europe, we have heavily invested with Zeekr in Europe. 'We have an R&D centre, Zika Technology Europe, which [has been] sitting in Europe for 12 years already developing electric cars in Gothenburg. And there we are developing cars in Europe for Europe; we understand the customer, we are behind it. This is also an agile entity living in a software defined vehicle mode in terms of iteration in the development process. We have a very close relationship with our customers [with them] giving feedback immediately, and this is also integrated into the development process.' While Lothar counts Audi, BMW and Mercedes as its main competitors, Geely also has Volvo in its family at a very similar price point – and Zeekrs could well be sold out of Volvo dealers in the UK, as they are elsewhere. 'We see not a lot of overlapping with Volvo,' said Lothar, 'Volvo's more on the safety and traditional side; we are on the technology progressive side. 'That's why our dealers are multi-brand dealers often with Volvo, Polestar and us in one location and we see no big cannibalisation.' Pricewise, Zeekr will sit just below its German rivals and offer more kit for the cash, including advanced 800-volt technology for fast charging, as Lothar explained: 'When you look into the list price, we are slightly lower than the premium manufacturers to get on the shopping list. We don't have the brand heritage, we don't deny that, and we need to build it up. When you then compare spec we offer even more – and a ten-year warranty.' 'One differentiator is the 800-volt technology where we are the fastest charging car right now – we are very proud of that. We have announced 13 minutes from 10 to 80 per cent charge, which we tested now in public charging in Gothenburg. The maximum charging speed is 480kW of that car.' While Zeekr has focused mainly on all-electric cars, Lothar revealed that plug-in hybrids are also a possibility for Europe and the UK. 'Our super hybrid technology is also under investigation for Europe,' he said. 'Super hybrid technology is unique – we are the only one who provides full battery electric vehicle specs in terms of battery, which has full capability to be used for long ranges. But we have the range extender as a plug-in hybrid to increase it. Plus, we can have driving experience enhancements through having the combustion engine to help in terms of power and the drive.' Zeekr unveiled its first model with the super hybrid technology in Shanghai: the Zeekr 9X, a bold-looking full-size SUV set to rival the Range Rover, Bentley Bentayga and Rolls-Royce Cullinan when it goes on sale in China. The 9X features a large battery said to be capable of 236 miles, with a 2.0-litre petrol engine alongside it. Despite the 9X's size and weight, it's still capable of getting from 0-60mph in three seconds, while charging is just as fast – the 9X is said to be compatible with the next generation of 1.3MW super-fast chargers, too. The Zeekr 9X was unveiled in China by Stefan Sielaff, who said: 'For Zeekr, the whole brand is lifting upwards very fast now into much more luxurious cars. We call this Powerful Elegance in the 9X. 'Zeekr is the combination of design and technology, but the technology in this car is really a statement. That's first and foremost what you can't get in Europe in this league.' Although Sielaff admitted that China was a priority for the 9X rather than Europe, he did admit that he'd like it to put in an appearance in the UK. 'I would love to see it at the Goodwood Festival of Speed,' he told The Independent.
Daily Mail
24-04-2025
- Automotive
- Daily Mail
Could EV battery health certificates convince more drivers to buy a used EV?
An electric car brand has this week taken radical steps to inspire confidence in the used EV market. Polestar, which is part of the Chinese Geely Group and a sister brand to Volvo, confirmed its '2' saloons will now be sold with their own 'battery state of health certificates'. These will certify the condition of the battery and the useable capacity still remaining. The longevity of battery life remains a major - if not the biggest - hurdle for second-hand car buyers who fear getting stung with a massive bill of up to £30,000 to replace a battery that's been worn out by a previous owner. That's despite various reports suggesting that EV battery capacity degrades far slower than many people anticipate. In fact, they are claimed to outlast the rest of the car's parts. Polestar's UK boss said the certificates will give Britons 'transparency' and 'peace of mind' when purchasing second-hand electric cars, which continue to fall in value. But would it be enough to convince you to pick up a used EV bargain? Auto Trader, the nation's largest used car platform said electric car prices are continuing to decline as the supply of second-hand models isn't being matched by demand. This is the result of ongoing public concerns regarding the ownership of EVs in general - such as a lack of charging infrastructure, high public charging costs and range anxiety - as well as fears around battery life. Its latest Retail Price Index report shows used EV availability surged by 54.7 per cent year-on-year in March, largely due to ex-lease vehicles entering the market. However, this outpaced EV demand growth of 35.9 per cent year-on-year. 'The imbalance between supply and demand is putting downward pressure on used EV prices,' it said. As such, the average advertised price of an EV listed in March was £25,190, which is 1.6 per cent less than it was in February. In contrast, prices for petrol and diesel models remained relatively flat, rising by 0.1 and 0.8 per cent respectively from February to March. In the face of these falling EV values, Polestar said it hopes its certificates will 'gives customers peace of mind that their battery is in peak health and reassurance that many more miles of hassle-free motoring is ahead of them.' It comes almost two years ahead of new rules that will require all EVs to have a 'battery passport'. This will not prove the origins of the raw material the battery contains, how much of the content is recycled and their lifecycle carbon footprint, including production and transportation. From 2027, any new EV sold in the EU will require one - but Volvo last year introduced the world's first battery passport for its flagship EX90 SUV. Matt Galvin, managing director at Polestar UK, said: 'Where customers may have been apprehensive about a five-year-old Polestar 2 and its battery condition, once again Polestar is giving car buyers transparency and providing peace of mind in the same way we do with our climate impact.' And in another desperate bid to stir up interest in its second-hand EVs, until the end of the month (30 April), it is offering customers who finance a used Polestar via a franchised dealer a low interest rate and a free Zaptec home charger worth £495. How much does it cost to replace an EV's battery? UK-based automotive risk intelligence company Thatcham Research has previously suggested a replacement battery for a 'premium' electric car would cost around £29,500. For 'budget-friendly' EVs, it estimates the average cost of battery replacement to be £14,200 - that's almost the same as a brand new Dacia Sandero (£14,715). 'EV batteries should last for 20 years' Given the infancy of EVs, there are still no definitive tests to show how long the batteries will last. However, a report published last year attempted to quash fears that batteries will run out within a matter of years, suggesting those powered new EVs today should be good for 20 years or longer. In fact, the investigation said batteries show slower signs of degradation than components used in internal combustion engine (ICE) cars. The bold claims were made by Geotab - a leading firm in fleet and business telematics, which involves tracking vehicles and connecting them to the internet. The company says it has carried out analysis of the battery health of almost 5,000 fleet and private EVs, using 1.5 million days of telematics data to explore how the latest battery technology holds up to the rigours of daily use. The data suggested that EV batteries in current models degrade, on average, by 1.8 per cent annually. When it carried out the same study back in 2019, it found that the efficiency of batteries was declining at a rate of 2.3 per cent per year on average, suggesting advances have been made in the last five years to extend the lifespan of the technology. What is battery degradation - and should it stop you switching to an EV? Battery degradation is a natural process that permanently reduces the amount of energy a battery can store or the amount of power it can deliver. The batteries in EVs can generally deliver more power than the powertrain components can handle. As a result, power degradation is rarely observable in EVs and only the loss of the battery's ability to store energy matters. An EV battery's condition is called its state of health (SOH). Batteries start their life with 100 per cent SOH and over time they deteriorate. For example, a 60kWh battery with 90 per cent SOH would effectively perform like a 54kWh battery. The report went on to say that EV batteries now 'generally degrade more slowly than internal combustion engine drivetrain components'. David Savage, vice president for the UK and Ireland at Geotab, added: 'With these higher levels of sustained health, batteries in the latest EV models will comfortably outlast the usable life of the vehicle and will likely not need to be replaced. 'However, we still see battery reliability being used as a stick to beat EVs with. 'Hopefully, data like ours can finally put these myths to bed.' The report says an average 1.8 per cent decline in battery health is 'unlikely to have a significant impact on most driver's daily vehicle needs'. It adds that this degradation should decline in the future with the arrival of new EV models and further advances in batteries, such as solid-state battery tech. 'People should feel confident that many current EVs are suitable and cost-effective to replace a range of light, medium and heavy-duty ICE vehicles,' David went on.
Globe and Mail
05-03-2025
- Automotive
- Globe and Mail
Meizu's Mr. Gu Binbin at MWC25: Meizu is Back to Global Market with Flyme AI Ecosystem
BARCELONA, Spain , March 5, 2025 /CNW/ -- Meizu has marked its back to global market at MWC in Barcelona . In exclusive interactions with several media outlets, Mr. Gu Binbin, the executive director of overseas business, discussed the brand's global strategy, "smart phones + XR + smart cars" ecosystem, and localization operations. As Meizu has amassed a huge fan base over the past years both in China and globe, the announcement of going back to global market attracts widespread attention. The first question Mr. Gu need to answer, is Meizu's globalization strategy and how to choose the right market. "Our globalization strategy is rooted in two pillars: market demand and technological innovation. " Mr. Gu shows his strategic thoughts and tells Meizu's approach. "We now operates in over 30 countries and regions across Asia-Pacific , Latin America , the Middle East , Central Asia and Europe . Each market requires tailored solutions, so we have our 'Global Vision, Local Execution' approach." This approach ensures that marketing, R&D, and customer support resonate with each market's unique dynamics, which are the foundation of Meizu's localization strategy. In the near future, Meizu will deepen presence in these markets while exploring new opportunities. Mr. Gu mentioned that the strategies now implementing which differentiate Meizu from other competitors, "Smart phone + XR + Smart cars" ecosystem and "All in AI" strategy. In Meizu's philosophy , smart phones, AR and smart cars are all important parts of the digital life of the future. While each serves distinct purposes, they can be highly interconnected technically. The core is Flyme AIOS which can seamlessly connect the smart phones, XR glasses and cars, bring a more complete and intelligent experience for consumers. For instance, consumers can set navigation routes through their mobile phones and sync the information to the centre control screens of XR glasses and cars. In a meeting, XR Glasses can translate and synchronize the minutes of the meeting to the mobile phone and computer in real time; while the smart car can automatically plan the best route according to the consumers' schedule. This multi-terminal collaborative experience not only improves the consumers' work efficiency, but also enhances the product's usage scenario and value. Last year, Meizu introduced its "All in AI" strategy, placing AI at the core of its product development across the entire line. With AI as its foundation, Meizu has built a multi-scenario convergent AI ecosystem, and provide more intelligent functions to users. For instance, on mobile phones, AI technology enhances functions such as photo taking, voice assistant and personalized recommendations. XR glasses achieve innovative applications such as real-time translation, navigation and conference assistant through AI. On smart cars, the AI-driven Flyme Auto system provides users with a smarter driving experience. Moreover, the collaboration with Geely Group accelerates Flyme Auto's technology adoption and industry empowerment. Flyme Auto is one of China's most widely adopted smart cockpit OS, installed in over 500,000 vehicles. As one of the smoothest and fastest-growing smart cockpit operating systems. In January 2025 , the sales volume of smart cars installed with Flyme Auto exceeded 132,000 units, ranking number one. Also, Flyme Auto has synchronized with Geely to go global, adapting 22 models from Geely, LYNK & CO and other brands. Flyme Auto now has been exported to the Middle East , Eastern Europe , Asia-Pacific and other regions, bringing thousands of consumers a brand new cross-terminal intelligent experience. Worth mentioning is that Meizu is the smartphone brand of DreamSmart Group, which carries AI eco-products in three product areas, which are smartphones, XR and smart cars. With deep technological expertise in multiple industries, DreamSmart is recognized as a leader in smart ecosystems. Looking ahead, Meizu will stand firm to "All in AI" and globalization strategy and continue to invest in product development and market expansion, bringing better full ecological products to tech lovers around the world.
