Geely Auto has announced the decision to take its luxury electric vehicle subsidiary, Zeekr, private just over a year after its public debut. The move to privatize follows concerns about potential delisting of Chinese stocks from U.S. exchanges. Shareholders of Zeekr will have the option of receiving cash or newly issued Geely shares. The merger has received board approval and is projected to be completed by the end of 2025. There are uncertainties regarding the implications for Zeekr's partnership with Waymo in developing robotaxis for the U.S. market.
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.
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.
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.
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