US EditionGeely to take EV unit Zeekr private a year after New York float
- Geely plans to take its majority-owned electric vehicle brand Zeekr private by acquiring remaining shares after its May 2024 New York Stock Exchange listing.
- This move follows multiple challenges, including US-China trade tensions, tariff barriers blocking Zeekr’s US sales, and slower-than-expected product performance.
- Geely currently owns about 65.7% of Zeekr and offered $25.66 per American Depositary Share, valuing Zeekr at approximately $6.5 billion in a non-binding offer.
- CEO Li Shufu said taking Zeekr private would improve management, streamline resources, and help Geely face growing competition in China’s largest auto market.
- The privatization could reduce geopolitical risks, allow consolidation of assets, and support Zeekr’s strategic direction amid uncertain US capital market conditions.
23 Articles
23 Articles
China’s Geely moves to take EV startup Zeekr private amid trade war with US
China’s Geely Auto wants to take its luxury EV unit Zeekr off the New York Stock Exchange one year after the company’s debut, per Zeekr filings. The take-private offer comes as the Trump administration explores kicking Chinese companies off American stock exchanges, part of a broader trade war that includes what has become a tariff quagmire between the U.S. and China. On Tuesday, Geely offered to pay $25.66 per Zeekr American Depository Receipt…
Taking Zeekr private, Geely emphasizes willingness to cooperate with global capital markets · TechNode
Geely Holding chairman Li Shufu said on Wednesday the Chinese automaker would “maintain close communication and collaboration with the US and international capital markets,” as it goes ahead with its plan to take its electric vehicle unit Zeekr private out of the New York stock market (our translation). That’s according to a statement published on Chinese social media platform WeChat. Geely Auto, the group’s main listed arm, has offered $25.66 p…
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