Geely would need to come up with $2.2 billion to purchase the remainder of the brand’s stock. Despite going private, Shufu says that Geely and Zeekr will maintain cooperation and collaboration with US and international financial markets.

Chinese automaker Geely Automobile on Wednesday offered to pay $2.2 billion to privatise its unit Zeekr just a year after it took the EV brand public in the U.S., saying it wanted to consolidate its business to fend off competition.

Billionaire Li Shufu is ramping up a push to streamline his sprawling business empire, with his Hong Kong-listed Geely Automobile Holdings Ltd. offering to take premium electric-car maker Zeekr private.