Geely Automobile announced last week that it will acquire the remaining shares of its premium EV brand Zeekr for approximately $2.4 billion, valuing the company at $6.83 billion. The move will result in Zeekr’s privatization and delisting from the U.S. stock market.

Under the agreement, Geely will pay $2.687 per share, representing an 18.9% premium over Zeekr’s closing price on May 6. The transaction is expected to close in the fourth quarter of 2024. Geely currently owns about 62.8% of Zeekr and has increased its offer from an earlier $2.2 billion proposal in May.

Founded in 2021, Zeekr targets the premium EV segment and went public in May 2024, reaching a valuation of around $6.8 billion — the fastest IPO to date among China’s new-generation EV carmakers. The privatization also reflects Geely’s strategic pivot from overseas acquisitions to improving operational efficiency and cutting costs, as it navigates intensifying price wars and margin pressure in China’s EV market.