Geely Automobile announces proposed spin-off of ZEEKR

Shanghai (Gasgoo)- Geely Automobile Holdings Limited ("Geely Automobile" and "the company") announced on Dec. 13 that its non-wholly-owned subsidiary, ZEEKR Intelligent Technology Holding Limited ("ZEEKR") on Dec. 7 (New York time) submitted to the SEC a draft registration statement for a possible IPO in the U.S., indicating the company is seeking a spin-off for the premium electric vehicle (EV) brand.

Upon completion of the proposed spin-off, it is expected that ZEEKR will continue to be a non-wholly-owned subsidiary of the company.

According to Geely Automobile's statement, the proposed spin-off and the IPO are subject to the approvals from the relevant authorities regarding the listing and deal of ZEEKR's securities, as well as the final decisions of the company and ZEEKR.  

ZEEKR 001; photo credit: ZEEKR

ZEEKR and its subsidiaries (collectively called "ZEEKR Group") primarily engage in R&D and sales of battery electric vehicles, batteries, and other components related to new energy vehicles (NEVs), as well as relevant services under the "ZEEKR" brand.

ZEEKR currently has two production models for sale, namely, the ZEEKR 001 and the ZEEKR 009. Its monthly deliveries hit a new high of 11,011 units in Nov. 2022, representing a precipitous surge of 447.3% year-over-year. As of Nov. 2022, it had delivered 66,611 vehicles cumulatively.

Geely Automobile commented that the proposed spin-off is in line with the interests of the company’s shareholders as a whole. It would enable investors to better value ZEEKR Group, while providing ZEEKR with continuous, direct, and independent access to the equity and debt capital markets when necessary.