Latest news with #GeelyAuto
Reuters
6 days 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
7 days ago
- Automotive
- Yahoo
Geely Auto expands in Poland with presale of Geely EX5
Geely Auto has entered the Polish market with the presale of the Geely EX5, its pure electric SUV model. The new energy vehicle, known for its 'user-friendly driving experience' and modern design, is set for sale in the third quarter of this year. Geely said that a flagship showroom is slated to open this October, with openings of an additional 10 confirmed dealership outlets prior to the end of 2026. In Poland, Geely's official distributor is Jameel Motors, a distributor of vehicles and a comprehensive mobility solutions provider, operating in over 10 nations. Geely Auto International vice president Moe Wang said: 'Poland is an important part of Geely Auto's global strategy. As one of Europe's dynamic markets, it's showing strong growth in electric vehicle adoption. 'In May 2025 alone, BEV sales went up 54%, and PHEVs jumped 79%—signalling a strong demand for cleaner mobility. Geely Auto is well-positioned to meet that demand.' The company noted that the structure of the Geely EX5, with its eight horizontal and two vertical supports, is further reinforced by the "Cloverleaf" energy dissipation system, providing security. Built on Geely Auto's GEA platform, the Geely EX5 provides an average range of up to 430km (WLTP), with a fast charging that can replenish the battery from 30% to 80% in 20 minutes. It can accelerate up to 100km/h in under seven seconds. The vehicle's 11-in-1 electric drive unit claims to offer 160kW of peak power. The unit's design focuses on compactness, efficiency, cooling, and zero emissions. It is equipped with a suite of features, including automatic emergency braking (AEB), adaptive cruise control (ACC), and auto lane change assist (ALCA). It also includes rear cross traffic alert (RCTA), lane keeping assist (LKA), lane change assist (LCA), blind spot detection (BSD), and evasive manoeuvre assist (EMA). The arrival of the Geely EX5 in Poland follows its presence in over 25 nations. Earlier this month, Jameel Motors also secured a distribution agreement to bring Geely Auto's new energy passenger vehicles (NEVs) to the Italian market. "Geely Auto expands in Poland with presale of Geely EX5" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
South China Morning Post
09-07-2025
- Automotive
- South China Morning Post
China's BYD and Geely bank on big discounts, Xpeng launches ‘super AI' SUV: 7 EV reads
We have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing China's leading electric vehicle (EV) makers from BYD to Geely Auto sustained their strong sales last month as big price cuts lured new buyers, helping boost their market share and heaping pressure on smaller, unprofitable rivals. Visitors at the 21st Shanghai International Automobile Industry Exhibition in April. Photo: Xinhua Less than 10 per cent of EV brands in China will turn a profit in the next five years, as the industry grapples with a price war and chronic overcapacity, according to AlixPartners.
Reuters
08-07-2025
- Automotive
- Reuters
China car sales jump in June but EV price war concerns intensify
BEIJING, July 8 (Reuters) - China's car sales rose in June for the fifth straight month, but reports by some major electric vehicle makers of easing demand raised concerns about intensifying competition in the world's largest auto market. Sales grew 18.6% in June year-on-year to 2.1 million vehicles from a 13.9% rise in May. First-half sales were up 11.2% to 11.1 million vehicles, data from the China Passenger Car Association showed on Tuesday. EV and plug-in hybrids sales, making up 52.7% of total car sales, increased a hefty 29.7% in June from a year earlier, up from 28.2% in May. But local EV giant BYD ( opens new tab saw car sales growth slow to 11% from 14.1% in May. Li Auto ( opens new tab, which along with BYD are the only two listed Chinese EV makers with full-year profitability, logged a 24.1% sales decline last month, reversing a 16.7% rise in May. Geely Auto ( opens new tab raised its 2025 sales target by 11% to 3 million units, but its sales growth eased to 42% from 46% in May. The cooling or falling sales pointed to "a big dilemma" facing the industry, as any escalation into "a life-or-death competition could put some at risk of being eliminated," said Cui Dongshu, secretary-general of CPCA. Warning the industry of excessive competition, Chinese regulators have called on automakers to halt a growing price war, which is heightening worries about overcapacity amid weak domestic demand and U.S. tariffs. Concerns about oversupply persist, as scepticism over car sales grows with reports of new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June. Setting itself apart from industry-wide oversupply woes, Xiaomi ( opens new tab, an emerging competitor to Tesla (TSLA.O), opens new tab, received exceptionally strong orders for its second EV, the YU7 sports utility vehicle, which went on sale last month. Tesla's China sales swung to a 3.7% increase last month from a 30% fall in May, in the wake of its fastest-ever model ramp-up with just six weeks to full production of the refreshed Model Y in its Shanghai plant. Car exports rose 23.8% in June from the year before, against a 13.5% increase in May, CPCA data showed.
Yahoo
07-07-2025
- Automotive
- Yahoo
Jameel Motors, Geely Auto to enter Italian market with NEVs
Automotive distributor Jameel Motors has secured a distribution agreement to introduce Geely Auto's new energy passenger vehicles (NEVs) to the Italian automotive market. This move comes as the country witnesses a surge in electric vehicle (EV) and plug-in hybrid electric vehicle (PHEV) registrations, which have seen a 132% year-on-year increase, accounting for 11% of the market share in the first five months of this year. This distribution agreement follows Jameel Motors' recent deal in Poland this April. The deal covers two of Geely Auto's flagship models, the Geely EX5, an all-electric sport utility vehicle (SUV), and a plug-in Super Hybrid SUV. These two models are expected to be introduced by Jameel Motors Italia to the Italian market in the last quarter of the year. Both vehicles are designed on Geely's 'advanced modular platform', ensuring performance, safety, and design, backed by a six-year warranty. Automotive executive Marco Santucci, who has nearly three decades of experience in the Italian automotive industry, will spearhead Jameel Motors Italia. Once operational, the company plans to offer around 100 sales and service points nationwide. Jameel Motors vice chairman Fady Jameel said: 'Our collaboration with Geely Auto brings together innovation, quality, and a shared commitment to a more sustainable mobility future. 'By winning this agreement, we look forward to offering Italian customers a new standard in electric mobility with advanced vehicles that truly meet their evolving needs. We also look forward to seeing Jameel Motors continue its international expansion as a distinguished partner in the mobility sector.' Geely Auto has been fostering innovation in Italy since 2023 with the Geely Innovation Design Center in Milan. This facility is part of Geely's global design network, focusing on vehicle design and concept development. Jameel Motors operates in over 10 nations across Asia, the Middle East, Africa, Europe, and Australia. Recently, Geely Holding Group announced that it is planning to introduce the Geely brand in the UK in the fourth quarter of this year. "Jameel Motors, Geely Auto to enter Italian market with NEVs" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
