Geely Holding Group announced on July 15 that Geely Automobile Holdings Limited (Geely Auto) and Zeekr Intelligent Technology Co., Ltd. (Zeekr) have executed a definitive merger agreement. Under the terms, Geely Auto will acquire all outstanding Zeekr shares not currently held, offering shareholders either cash compensation or equity exchange options. Concurrently, Geely Auto disclosed plans to privatize Zeekr through comprehensive acquisition of its NYSE-listed American Depositary Shares. Post-merger, Zeekr will transition into a wholly-owned subsidiary of Geely Auto, culminating in its delisting from the New York Stock Exchange.
This consolidation marks a reversal for Zeekr, which celebrated its NYSE debut under ticker "ZK" just last May. The premium electric vehicle startup opened at $26 per share – a robust 23.8% premium to its $21 IPO price – and closed its inaugural trading session at $28.26, delivering 34.57% gains. The listing represented the ninth IPO success for Geely Chairman Li Shufu.
The accelerated integration follows Geely Auto's non-binding privatization proposal submitted to Zeekr on May 7. This strategic pivot aligns with the corporate overhaul initiated through Geely's "Taizhou Declaration" last September, which emphasized five core pillars: strategic focus, consolidation, synergy, stability, and talent development. Subsequent reorganization absorbed the Geometry brand into Geely Galaxy in October, while Emgrand merged into Galaxy's premium electric MPV division this March.
Industry analysts highlight multifaceted benefits from this consolidation. For Geely Auto, the acquisition injects Zeekr's proprietary ultra-fast charging technology and 800V architecture, significantly enhancing its electrification capabilities. Zeekr conversely gains access to Geely's global supply chain, manufacturing infrastructure, and distribution networks. Post-merger, the combined entity will comprehensively cover multiple propulsion systems including ICE, BEV, PHEV, and methanol-electric hybrids across mainstream, premium, and luxury segments.
Chairman Li Shufu emphasized this merger "lays solid groundwork for Geely Auto's future" and advances the "One Geely" operational framework. Automotive expert Yan Jinghui noted the move reflects industry-wide recalibration: "After experimental phases, automakers are now optimizing resource allocation to eliminate redundancies and boost capital efficiency."
Simultaneously, multinational automakers are intensifying collaborations with Chinese autonomous driving specialists. BMW Group revealed a partnership with Momenta to co-develop next-generation ADAS solutions tailored for China's road conditions. This follows strategic alliances announced at April's Shanghai Auto Show between Momenta and Buick, FAW Toyota, Honda China, Cadillac, and SAIC Audi. Buick confirmed imminent deployment of Momenta-powered L2 urban driving assistance, operating without high-definition map dependency through an end-to-end neural network architecture.
Huawei's technological ecosystem is attracting significant foreign interest. Toyota's bZ3 became its first model featuring Huawei's Harmony cockpit system, while SAIC Audi's new A5L Sportback debuted as the inaugural fuel-powered vehicle equipped with Huawei's Qiankun ADAS. Notably, Audi pioneered such collaborations through its 2019 partnership with Huawei. At Shanghai's exhibition, Horizon Robotics and CATL likewise drew multinational delegations.
This trend coincides with China's accelerating ADAS adoption, where L2 systems achieved 55.7% market penetration in first-half 2023. Yan Jinghui attributes this shift to evolving consumer expectations: "Chinese demand for intelligent cabins and personalized mobility experiences is reshaping global innovation priorities, validating domestic suppliers' capabilities."