Latest news with #GeelyAutomobile
New Straits Times
2 days ago
- Automotive
- New Straits Times
Chinese carmaker Geely to take Zeekr unit private at US$6.83 billion valuation
Geely Automobile will take its premium electric vehicle unit Zeekr private at a US$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 US$2.687 per share, or US$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 US, represents an 18.9 per cent 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 per cent of Zeekr and initially offered US$2.2 billion in May. It has now raised that to around US$2.4 billion. Zeekr's US IPO in May 2024 — which valued the company at US$6.8 billion — marked the first major Chinese listing in the US 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.
Time of India
2 days 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.
Bloomberg
3 days ago
- Automotive
- Bloomberg
China's Geely Sweetens Bid to Take EV Maker Zeekr Private
Geely Automobile Holdings Ltd. sweetened its offer to take premium electric car maker Zeekr Intelligent Technology Holding Ltd. private, a deal that helps billionaire Li Shufu streamline his sprawling business empire. Geely said in a filing to the Hong Kong exchange on Tuesday that the two sides had entered into a merger agreement. Under the pact, Geely would buy all the stock in the US-listed firm that it doesn't yet own for $2.687, or $26.87 per American depositary share.
Business Times
3 days ago
- Automotive
- Business Times
Geely to take Zeekr unit private at US$6.83 billion valuation
[BEIJING] Geely Automobile will take its premium electric vehicle unit Zeekr private at a US$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 US$2.687 per share, or US$26.87 per American depositary share, the companies said in separate statements on Tuesday (Jul 15). The offer, which comes just over a year after Geely took the EV brand public in the US, represents an 18.9 per cent 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 per cent of Zeekr and initially offered US$2.2 billion in May. It has now raised that to around US$2.4 billion. Zeekr's US IPO in May 2024 – which valued the company at US$6.8 billion – marked the first major Chinese listing in the US 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. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 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
New Straits Times
3 days ago
- Automotive
- New Straits Times
Chinese carmaker Geely to pay US$2.4bil to take full control of Zeekr
BEIJING: Chinese automaker Geely Automobile will acquire the chunk of electric-vehicle maker Zeekr that it does not already own for US$2.40 billion, the companies said in separate statements on Tuesday. Geely is offering US$2.69 for every share for the 892.70 million units it does not already own in Zeekr. The company currently holds around 62.80 per cent stake in Zeekr, according to a filing with the exchange. The per American depositary share offer values Zeekr at US$6.83 billion. The deal comes months after Geely tried to privatise the electric vehicle maker, saying it wanted to consolidate its business to counter intensifying competition.
