Geely Plans Spin-off of EV Subsidiary Zeekr

Chinese car maker Geely submitted a proposal to the Stock Exchange of Hong Kong announcing its intention to spin-off and separately list Zeekr, its electric mobility technology and solutions brand.

Zeekr is a non-wholly-owned subsidiary of the company and is principally engaged in the research, development and sales of battery electric vehicles, batteries and other components of new energy vehicles, and related services under the “Zeekr” brand.

Zeekr currently has one model in production, the ZEEKR 001, (pictured) which has been available for sale since October 11 this year.

In a recent media interview An Conghui, Geely’s president and Zeekr’s CEO, said Zeekr is confident of meeting its sales target of 70,000 units this year. The Hangzhou-based brand has ambitions to sell more than 600,000 vehicles a year by 2025.

The terms of the Proposed Spin-off, including listing venue, offering size, price range and assured entitlement of Zeekr’s securities for shareholders of the company, have not yet been finalised.

Geely said in its announcement that further announcements will be made by the company in relation to the proposed spin-off as and when appropriate.

The Stock Exchange has confirmed that the company may proceed with the Proposed Spin-off.

#Geely #Zeekr

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