AsianFin -- Chinese automaker Geely Automobile will acquire full ownership of electric vehicle subsidiary Zeekr in a $2.4 billion deal, the companies announced on Tuesday, as Geely moves to consolidate its EV operations amid mounting industry competition.

Geely will pay $2.687 per share for the 892.7 million shares it does not already own in Zeekr, valuing the company at approximately $6.83 billion. Geely currently holds a 62.8% stake in the EV maker, according to a stock exchange filing.

The transaction follows an earlier attempt by Geely to privatize Zeekr, part of a broader strategy to streamline its electric vehicle portfolio and strengthen its position in an increasingly crowded market.

Zeekr, known for targeting the premium EV segment, has become a key piece of Geely’s electrification ambitions. The move to take full control signals the company’s intent to double down on internal synergies and better position itself against domestic rivals such as BYD and international players like Tesla.