In a recent development, Geely Group has announced its plan to acquire all the issued and outstanding shares of Zeekr, including common stock and American Depositary Shares (ADS) that are not currently owned by the Group.
This move comes almost a year after Zeekr’s listing on the US stock exchange.
According to Geely, the proposed price for the deal is $2.57 (66.76 thousand VND) per common share or $25.66 (666.60 thousand VND) per ADS, representing a premium of approximately 13.6% over the last closing price and about 20% over the volume-weighted average price over the last 30 days.
Currently, Geely holds approximately 65.7% of Zeekr’s total shares. The acquisition of a 100% stake in this premium electric vehicle brand is expected to enable Geely to consolidate and optimize internal resources, eliminate overlapping investments, enhance technology development coordination, reduce operating costs, and ultimately, improve user experience. This strategic move is seen as a step forward in Geely’s expansion journey in the global electric vehicle and smart technology landscape.
Alongside its global ambitions, Geely is gradually increasing its presence in Southeast Asia, with Vietnam as a key market. Through its strategic partnership with Tasco Auto, Geely is not only distributing vehicles but also promoting large-scale investment in local production in Vietnam.
Specifically, in September 2024, Geely Auto and Tasco Auto signed a joint venture contract for the production, assembly, and distribution of automobiles in Vietnam. Simultaneously, a tripartite memorandum of understanding was signed with the Management Board of Economic Zones and Industrial Parks of Thai Binh province. As per the plan, Geely’s first assembly plant in Vietnam will be constructed in a CKD (complete knock-down) format with an initial investment of up to VND 4,100 billion. The project is expected to break ground in the first half of 2025 and deliver the first commercial vehicles in early 2026.
As part of this collaboration, Zeekr – Geely’s premium electric vehicle brand, will also be included in the product portfolio distributed by Tasco Auto, offering Vietnamese consumers a diverse range of electric vehicle choices.
At present, Geely is developing three major brands in Vietnam through its joint venture with Tasco Auto:
Geely Auto: Marking its presence with the urban SUV Geely Coolray. This vehicle is equipped with a 1.5L turbocharged engine that delivers 177 horsepower and features a range of modern safety technologies. The model was launched in the Vietnamese market on March 21, directly competing in the B-SUV segment.
Zeekr: Focusing on premium electric vehicles, Zeekr is targeting models such as the mid-size SUV Zeekr 7X and the shooting brake-style sedan Zeekr 007 GT. In the future, the brand may also introduce the luxury hybrid Zeekr 9X. Zeekr’s products are positioned to compete with the likes of Tesla, BMW, and Mercedes-Benz.
Lynk & Co: A brand developed by Geely in collaboration with Volvo, Lynk & Co has been present in Vietnam since 2023 through Tasco Auto’s distribution network. Lynk & Co stands out with its modern design, CMA platform, and advanced safety technologies, appealing to customers seeking differentiation and premium comfort.
Geely’s move towards full control of Zeekr demonstrates not only its determination in the electric vehicle sector but also a strategic step towards consolidating a comprehensive ecosystem, encompassing research, development, production, and global distribution. The collaboration between Geely and Tasco in Vietnam showcases a model partnership between a leading Chinese automotive group and a local enterprise, promising a new impetus for the domestic automotive market.
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