Stock Track | ZEEKR Plummets 5.08% Despite Strong Q3 as Parent Geely Restructures EV Brands

Stock Track11-15

ZEEKR, the premium electric vehicle maker, saw its stock (ZK) plummet 5.08% on Friday, November 15th, during the intraday trading session. This decline came despite the company's robust third-quarter results and the successful launch of its new ZEEKR MIX model.

The stock plunge appears to be linked to Geely Automobile Holdings' announcement of a major restructuring involving its electric vehicle brands. Geely, the parent company of ZEEKR, revealed plans for ZEEKR to take control of 51% ownership in Lynk & Co, another EV brand under the Geely umbrella. This move aims to avoid product overlap and streamline the company's EV lineup, but it may have raised concerns among investors about potential disruptions or uncertainties during the transition.

Despite the stock's decline, ZEEKR reported impressive third-quarter results, with vehicle deliveries reaching 55,003 units, marking a 51% increase year-over-year. The company's vehicle sales amounted to approximately $2.05 billion, a 42% increase from the previous year, while operational losses decreased by 19.3% compared to the same period last year. The successful launch of the ZEEKR MIX model has also highlighted the company's innovation in the highly competitive electric vehicle market.

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