Zeekr Group said on Tuesday it had entered into a definitive agreement to merge with Geely Automobile Holdings, making the premium EV brand a wholly owned subsidiary of Geely and delisted from the New York Stock Exchange.
Under the terms of the merger, Zeekr shareholders will have the option to receive either $26.87 in cash per American depositary share or 12.3 newly issued Geely shares for each Zeekr ADS.
The stock went public in mid 2024 and saw its share price plummet about 50% to $13.00 in the first months. Since August last year, it surged 115% and closed on Monday at $27.82.
The cash offer represents an 18.9% premium to Zeekr’s closing price on May 6, the last trading day before the acquisition proposal was publicly disclosed.
The transaction is expected to close in the fourth quarter of 2025, subject to customary regulatory approvals and shareholder votes. Geely has agreed to vote its 65.2% stake in Zeekr in favour of the transaction.
The merger must be approved by at least two-thirds of the voting shareholders of Zeekr, and by a majority of Geely shareholders excluding affiliated parties.
The company delivered 16,702 vehicles in June, down 16.9% from a year earlier and a 11.7% drop from May. Zeekr has delivered 90,730 vehicles in the first half of 2025, reaching just 28.4% of its 320,000-unit annual target.
The broader Zeekr Group — which includes Lynk & Co following an internal realignment in February — is targeting 710,000 deliveries this year.
The group has registered 214,800 vehicles year to date, or 30.3% of its full-year goal. Lynk & Co recorded 26,310 deliveries in June, down 4.8% from the prior month.
Last week, Zeekr announced it had produced its 500,000th vehicle. The company also said it began delivering its Zeekr X crossover in Hong Kong, Macau, and Thailand on Monday, continuing its gradual international expansion.
Zeekr went public on the NYSE in May 2024, raising roughly $441 million in a scaled-down IPO. Its planned delisting marks another step back for Chinese EV makers in U.S. capital markets amid rising geopolitical tensions and intensifying competition at home.
Zeekr recently started deliveries of its 7X SUV in Europe. The model was launched in China in September 2024.
The SUV is now arriving in right-hand drive markets, as it was launched in Hong Kong last week and is set to be released in Australia.
Earlier this month, the 7X SUV set a new charging record in Europe, charging from 10 to 80% in 17 minutes and 54 second, and reaching peak charging power of 413 kW at 12% state of charge.
A recently conducted range test in Norway also showed that the model can reach 585 km, 8% above the range it claims to have.
Zeekr is currently present in Sweden, where it is headquartered, Norway, Netherlands and Belgium. It announced expansion to Denmark in mid-June.
