Latest news with #Zeekr
Time of India
5 hours ago
- Automotive
- Time of India
Chinese carmaker Geely to take Zeekr unit private at $6.83 billion valuation
Geely Automobile will take its premium electric vehicle unit Zeekr private at a $6.83 billion valuation, as the Chinese automaker streamlines its business and sharpens its competitive edge. Under the agreement, Geely will acquire the remaining stake it does not already own for $2.687 per share, or $26.87 per American depositary share, the companies said in separate statements on Tuesday. The offer, which comes just over a year after Geely took the EV brand public in the U.S., represents an 18.9% premium to Zeekr's last close on May 6. The transaction is expected to close in the fourth quarter. Geely already owns about 62.8% of Zeekr and initially offered $2.2 billion in May. It has now raised that to around $2.4 billion. Zeekr's U.S. IPO in May 2024 - which valued the company at $6.8 billion - marked the first major Chinese listing in the U.S. since 2021. Founded in 2021, Zeekr was launched as Geely's premium electric vehicle brand, showcasing the group's flagship in-house technologies-from EV architecture to battery systems. The deal also underscores Geely Holding's broader strategic pivot away from its aggressive global acquisition streak. The company is now focused on operational efficiency and cost reduction, responding to margin pressures and a deepening price war in China's electric vehicle sector. As part of its overhaul, Geely has reorganized its operations into two main arms - Geely Auto and Zeekr Group - targeting the mass-market and premium segments, respectively. In March, it consolidated three separate units developing digital cockpit systems into a single 2,000-strong engineering team to boost efficiency and innovation.
The Independent
20 hours ago
- Automotive
- The Independent
The Chinese EVs coming to shake up the UK
In this episode, we head to China, to test drive two bold new entries in the EV world: the Zeekr 7 GT and the Lynk & Co 02 — both from automotive powerhouse G Group, the parent company behind Volvo, Lotus, and Smart. We take a closer look at the Zeekr 7 GT, a sleek, tech-forward luxury EV packed with premium features like Dolby Atmos audio, seamless navigation, and an intuitive head-up display. Alongside it, the Lynk & Co 02 impresses with its stylish design, lively performance, and accessible pricing. With both models expected to hit the UK market, and hints of the Lynk & Co 900 SUV also on the horizon, these brands are looking to shake up the EV scene in Europe. Are these the next big names in electric driving? Watch more from Drive Smart on Independent TV.
The Star
20 hours ago
- Automotive
- The Star
Chinese carmaker Geely to take Zeekr unit private at US$6.83bil valuation
An employee works on the electric vehicle (EV) production line at the Zeekr factory in Cixi, Zhejiang province, China March 19, 2025. REUTERS/Florence Lo/File Photo Geely Automobile will take its premium electric vehicle unit Zeekr private at a $6.83 billion valuation, as the Chinese automaker streamlines its business and sharpens its competitive edge. Under the agreement, Geely will acquire the remaining stake it does not already own for $2.687 per share, or $26.87 per American depositary share, the companies said in separate statements on Tuesday. The offer, which comes just over a year after Geely took the EV brand public in the U.S., represents an 18.9% premium to Zeekr's last close on May 6. The transaction is expected to close in the fourth quarter. Geely already owns about 62.8% of Zeekr and initially offered $2.2 billion in May. It has now raised that to around $2.4 billion. Zeekr's U.S. IPO in May 2024 - which valued the company at $6.8 billion - marked the first major Chinese listing in the U.S. since 2021. Founded in 2021, Zeekr was launched as Geely's premium electric vehicle brand, showcasing the group's flagship in-house technologies-from EV architecture to battery systems. The deal also underscores Geely Holding's broader strategic pivot away from its aggressive global acquisition streak. The company is now focused on operational efficiency and cost reduction, responding to margin pressures and a deepening price war in China's electric vehicle sector. As part of its overhaul, Geely has reorganized its operations into two main arms - Geely Auto and Zeekr Group - targeting the mass-market and premium segments, respectively. In March, it consolidated three separate units developing digital cockpit systems into a single 2,000-strong engineering team to boost efficiency and innovation. - Reuters
Reuters
20 hours ago
- Automotive
- Reuters
Chinese carmaker Geely to take Zeekr unit private at $6.83 billion valuation
July 15 (Reuters) - Geely Automobile ( opens new tab will take its premium electric vehicle unit Zeekr (ZK.N), opens new tab private at a $6.83 billion valuation, as the Chinese automaker streamlines its business and sharpens its competitive edge. Under the agreement, Geely will acquire the remaining stake it does not already own for $2.687 per share, or $26.87 per American depositary share, the companies said in separate statements on Tuesday. The offer, which comes just over a year after Geely took the EV brand public in the U.S., represents an 18.9% premium to Zeekr's last close on May 6. The transaction is expected to close in the fourth quarter. Geely already owns about 62.8% of Zeekr and initially offered $2.2 billion in May. It has now raised that to around $2.4 billion. Zeekr's U.S. IPO in May 2024 — which valued the company at $6.8 billion — marked the first major Chinese listing in the U.S. since 2021. Founded in 2021, Zeekr was launched as Geely's premium electric vehicle brand, showcasing the group's flagship in-house technologies—from EV architecture to battery systems. The deal also underscores Geely Holding's ( broader strategic pivot away from its aggressive global acquisition streak. The company is now focused on operational efficiency and cost reduction, responding to margin pressures and a deepening price war in China's electric vehicle sector. As part of its overhaul, Geely has reorganized its operations into two main arms — Geely Auto and Zeekr Group — targeting the mass-market and premium segments, respectively. In March, it consolidated three separate units developing digital cockpit systems into a single 2,000-strong engineering team to boost efficiency and innovation.
Yahoo
20 hours ago
- Automotive
- Yahoo
China's Geely is officially bringing its luxury EV startup Zeekr private
China's Geely Auto is officially taking its luxury EV subsidiary Zeekr private, just over a year after the company debuted on the New York Stock Exchange. The news comes two months after Geely offered to take Zeekr private, following President Donald Trump's threats earlier this year to delist Chinese stocks from U.S. exchanges. When the merger closes, Zeekr shareholders will receive either $2.69 in cash per share or 1.23 newly issued Geely shares for each Zeekr share they own, per a regulatory filing. Holders of Zeekr American depositary shares (ADSs), which each represent 10 Zeekr shares, will receive either $26.87 in cash or 12.3 Geely shares, delivered as Geely ADSs. It's a slightly higher offering than what Geely first proposed in May. Investors can choose between cash or stock options, except for certain Hong Kong retail investors, who will receive cash by default. Zeekr's board has already approved the merger, which is expected to close in the fourth quarter of 2025. It's not clear how Zeekr's move to go private will affect its deal with Waymo to build purpose-built robotaxis for large-scale deployment in the U.S. Waymo is expected to launch its Zeekr vehicles in the Bay Area this year, some of which have been spotted testing on the roads of San Francisco. TechCrunch has reached out to Waymo for more information.
