Published: December 1, 2025
Overview: Where Zeekr Group Stock Stands Today
Zeekr Group, officially ZEEKR Intelligent Technology Holding Limited (NYSE: ZK), enters December 2025 at a pivotal moment:
- Last traded price: about $26.7 per ADS [1]
- Market capitalization: roughly $6.8 billion [2]
- 52‑week range: approximately $17.91 – $33.32 per ADS [3]
- Business profile: premium battery‑electric vehicles (BEVs) under the Zeekr and Lynk & Co brands, majority‑owned by Geely Automobile Holdings [4]
At the same time, ZK is subject to a $26.87 per ADS cash take‑private offer from Geely, or a share‑swap alternative, which now dominates the stock’s risk‑reward profile. [5]
1. Latest Zeekr Stock News as of December 1, 2025
1.1 Strong November 2025 Deliveries
On December 1, 2025, Zeekr reported November 2025 delivery data via a press release that has been summarized by GuruFocus: [6]
- Total November deliveries:63,902 vehicles (Zeekr + Lynk & Co).
- Year‑over‑year growth:+7.1% vs. November 2024.
- Month‑over‑month growth:+3.7% vs. October 2025.
The article highlights that Zeekr continues to grow volumes, but also stresses that the company remains loss‑making and financially stretched:
- Trailing‑twelve‑month revenue around $11 billion.
- Negative EPS (about –1.57) and operating margin around –2%.
- Current ratio ~0.57, quick ratio ~0.45, and an Altman Z‑Score of 0.21, placing Zeekr in the “distress” zone often associated with elevated bankruptcy risk if conditions deteriorate. [7]
For equity holders, this combination – growing deliveries but weak balance sheet – is central to how the market prices ZK, especially with a merger on the table.
1.2 Launch in Germany: Stepping into Europe’s Premium EV Market
Also on December 1, 2025, Reuters reported that Zeekr has formally launched sales in Germany with three models, with prices starting at €37,990 (≈ $44,000). [8]
Key points from the report:
- Sales in Germany begin December 1, 2025, targeting both premium retail customers and corporate fleets / leasing companies.
- Zeekr’s Europe CEO cites “enormous” demand, noting interest from large DAX‑listed companies and leasing partners. [9]
- The company plans to expand into Spain, Italy, France and the UK in 2026, positioning itself as a pan‑European premium EV brand. [10]
This expansion is strategically important for the long‑term growth story behind analysts’ aggressive price targets, even though the near‑term upside may be capped by the Geely merger terms.
1.3 Q3 2025 Results: Higher Revenue, Smaller Losses
Zeekr released its Q3 2025 unaudited results on November 17, 2025. [11]
Highlights:
- Total Q3 deliveries:140,195 vehicles, up 12.5% YoY and 7.1% QoQ.
- Total revenue:RMB 31.56 billion (~US$4.43 billion), +9.1% YoY and +15.1% QoQ.
- Gross profit:RMB 6.05 billion, a 37.1% YoY increase.
- Gross margin:19.2% (up from 15.2% a year earlier).
- Net loss:RMB 307 million (~US$43 million), down 84.9% from Q3 2024 but slightly worse than Q2 2025. [12]
The company is clearly moving toward breakeven: margins are improving, and losses have shrunk dramatically versus 2024. However, it is not yet sustainably profitable, which contributes to its relatively low valuation multiples and to Geely’s rationale for integrating Zeekr more tightly.
1.4 Merger Timeline and Election Deadlines
The take‑private transaction with Geely is now entering its final phase.
July 15, 2025 – Definitive Merger Agreement
Zeekr signed an Agreement and Plan of Merger with Geely and Keystone Mergersub Limited: [13]
- Each ordinary share (10 shares = 1 ADS):
- $2.687 in cash per share, or
- 1.23 Geely shares per Zeekr share (subject to conditions and investor election).
- Each Zeekr ADS (10 shares):
- $26.87 in cash per ADS, or
- 12.3 Geely shares (via Geely ADSs).
- The cash offer represented an ~18.9% premium to ZK’s closing price on May 6, 2025, and about 25.6% to the 30‑day VWAP before the proposal was announced. [14]
September 15, 2025 – Shareholders Approve the Merger
At an extraordinary general meeting, approximately 96.8% of Zeekr’s outstanding ordinary shares were represented, and about 94.2% of votes cast supported the merger. [15]
This cleared the key shareholder hurdle for the deal.
November 21, 2025 – Election Deadlines and Expected Closing
In a new press release on November 21, 2025, Zeekr confirmed the key deadlines for investors to choose their merger consideration: [16]
- Ordinary shareholders:
- Election deadline: December 5, 2025, 5:00 p.m. U.S. Eastern Time.
- ADS holders (NYSE: ZK):
- Election deadline (for registered ADS holders): December 3, 2025, 5:00 p.m. U.S. Eastern Time.
If holders do not submit a valid election, their shares or ADSs will automatically be converted into the cash option under the merger agreement. [17]
Zeekr also reiterated that the merger is expected to close on or about December 29, 2025, subject to remaining conditions. After closing, Zeekr will become a wholly owned Geely subsidiary, and its ADSs are expected to be delisted from the New York Stock Exchange. [18]
2. Current Valuation and Fundamentals
2.1 Snapshot of Financial Health
Aggregated data from TickerNerd and GuruFocus paint a consistent picture: [19]
- Market cap: about $6.8 billion.
- TTM revenue: roughly $11–13 billion (depending on data source and FX assumptions).
- Net margin: around –2%, confirming the business is still in the red.
- Gross margin: near 19–20%, up from mid‑teens in 2024.
- Operating margin: around –0.2% to –2%.
- Financial leverage and liquidity:
- Current ratio: ~0.6.
- Quick ratio: ~0.45.
- Debt‑to‑equity: negative (reflecting capital structure and accumulated losses).
- Altman Z‑Score:0.21, in the “distress” range historically associated with elevated default risk. [20]
From a pure fundamentals perspective, Zeekr looks like a fast‑growing but financially vulnerable EV manufacturer. The low price‑to‑sales ratio (around 0.1–0.6x, depending on methodology) is one reason some analysts see significant upside if the company can reach sustainable profitability. [21]
2.2 Delivery Growth vs. Profitability
Across Q1–Q3 2025, Zeekr has consistently reported: [22]
- Strong vehicle delivery growth (double‑digit year‑over‑year in most months).
- Improving margins, especially vehicle and gross margins.
- Shrinking but persistent net losses, which reflect high R&D and SG&A spending plus intense price competition in China’s EV market.
This trade‑off – growth vs. profitability – is at the heart of both bullish and cautious views on the stock.
3. Analyst Ratings and Stock Price Forecasts
Despite the merger overhang, several research platforms continue to publish 12‑month price targets for ZK.
3.1 TickerNerd: Strong Buy, Median Target $36.24
According to TickerNerd (updated December 1, 2025): [23]
- Coverage from 5 Wall Street analysts.
- Consensus rating:Strong Buy (5 Buy, 0 Hold, 0 Sell).
- Median 12‑month target:$36.24.
- Target range:$32.19 – $50.82.
- Implied upside from $26.71: about +35.7% to the median target and +90% to the high end.
TickerNerd’s underlying metrics assume Zeekr remains a publicly traded, high‑growth EV name, not a fully integrated Geely subsidiary. That’s important when interpreting these numbers alongside the pending merger.
3.2 Investing.com: Average Target Around $38
Investing.com’s consensus estimates page lists around five analysts following ZK, with an average 12‑month target near $38.1, a high target just above $50, and a low around $32. This implies roughly 40–43% upside from current levels. [24]
Again, these are stand‑alone ZK forecasts, which may not fully reflect the high probability of a take‑private in late December 2025.
3.3 MarketBeat: Mixed Views, “Hold” Consensus
MarketBeat, which focuses on the latest rating from each brokerage, shows a more cautious stance: [25]
- Consensus rating:Hold, based on 2 analysts.
- Rating mix:1 Buy, 1 Sell.
- Average 12‑month price target:$38.00, implying about 42% upside from ~$26.7.
The split between Buy and Sell ratings underlines the controversial nature of ZK: some analysts see deep value and strategic importance within Geely’s portfolio, while others worry about profitability, governance, Chinese macro risk and the fact that upside may be capped by the cash merger price.
3.4 Key Takeaway on Forecasts
On paper, Wall Street price targets cluster in the mid‑$30s to high‑$30s, well above the current market price. However:
- Most models assume ongoing listing and multiple expansion as Zeekr matures.
- The near‑term reality is that shareholders are being offered $26.87 in cash per ADS or a share swap into Geely, with the deal expected to close December 29, 2025. [26]
In other words, the “theoretical” 12‑month upside from analysts’ DCF and multiples is partially overruled by a very concrete corporate event that anchors the likely exit price for most investors.
4. What the Geely Take‑Private Means for ZK Shareholders
4.1 Structure of the Deal
Under the merger agreement: [27]
- Zeekr ADS holders can choose between:
- Cash: $26.87 per ADS, or
- Stock: 12.3 Geely shares per Zeekr ADS (delivered via Geely ADSs).
- Ordinary shareholders can elect to receive cash or Geely shares at equivalent terms.
- Non‑electing investors default into cash consideration.
- Closing is targeted for on or about December 29, 2025, after which ZK is expected to delist from NYSE.
4.2 Why the Share Price Hovers Near the Offer
Because the merger looks highly likely to complete (shareholder approval is already secured and both parties have reiterated their intent), ZK now trades largely as a merger‑arbitrage situation:
- If the cash option is honored as planned, upside is effectively capped near $26.87 per ADS.
- The market discounts the possibility of deal failure, delays, regulatory obstacles or changes in Geely’s stance, which would re‑expose ZK to “normal” EV‑sector volatility and to those mid‑$30s analyst targets.
This is why ZK’s current price remains close to the cash offer, even though theoretical long‑term fair value estimates suggest a much higher number.
5. Strategic Growth Drivers Beyond the Merger
Even though public investors might not participate in Zeekr’s full long‑term journey if the take‑private completes, understanding the underlying growth story is important for:
- Geely shareholders who may opt for stock consideration.
- EV sector watchers comparing Zeekr to peers like BYD, Li Auto, XPeng, NIO and European premium brands.
5.1 European Expansion
- Germany launch (December 1, 2025) with three models at prices starting around €37,990, plus plans to expand into Spain, Italy, France and the UK in 2026, positions Zeekr as a pan‑European premium EV contender. [28]
- Earlier interviews with Zeekr Europe executives have emphasized fleet and leasing partnerships as a key channel, potentially smoothing volumes versus pure retail sales. [29]
5.2 Volume Growth and Model Pipeline
Across 2025, Zeekr has: [30]
- Consistently increased quarterly deliveries, helped by new and facelifted models.
- Expanded the Lynk & Co NEV mix, which now accounts for a large majority of deliveries in that brand.
- Improved vehicle and gross margins, indicating better cost control and pricing power on newer models.
5.3 Risks: Competition, Governance and Financial Strength
Investors and analysts also flag several material risks:
- Intense competition and price wars in China’s EV market, pressuring margins and brand differentiation.
- Balance‑sheet fragility, as highlighted by liquidity ratios and a very low Altman Z‑Score. [31]
- Reputation and governance concerns: Reuters reported in mid‑2025 that some Chinese EV makers, including Zeekr, allegedly used insurance‑related schemes to inflate sales figures, raising questions about industry‑wide reporting practices. [32]
- Regulatory and trade headwinds, including EU anti‑subsidy investigations and tariffs on Chinese EV imports, which could compress margins on European sales.
These factors help explain why at least one analyst has downgraded Zeekr from “Strong Buy” to “Hold” following Q3, citing slower delivery momentum and profitability concerns, even as others maintain bullish stances. [33]
6. How to Interpret Zeekr Stock Right Now
Putting it all together:
- Near‑term reality (December 2025):
- ZK is trading as a merger‑arbitrage play, with price gravitating toward $26.87 per ADS – the cash leg of the Geely deal.
- The key catalysts in December are election deadlines (Dec 3 and Dec 5) and any updates on the expected Dec 29 closing. [34]
- Financial trajectory:
- Zeekr is showing healthy revenue and delivery growth and better margins, but remains loss‑making with a weak balance sheet and distress‑zone Altman Z‑Score. [35]
- Analyst forecasts:
- Multiple platforms still show mid‑$30s consensus price targets and classify ZK as Buy or Strong Buy, with some dissenting Sell views. [36]
- These forecasts largely reflect a stand‑alone EV growth story, not necessarily a soon‑to‑be‑private subsidiary of Geely.
- Strategic upside (for Geely investors and long‑term observers):
- European expansion, premium positioning, and improving margins provide a plausible path to better economics if execution is strong and competition manageable. [37]
7. Key Dates for Zeekr (ZK) Shareholders
- December 3, 2025: Election deadline for registered ADS holders to choose cash or Geely stock. [38]
- December 5, 2025: Election deadline for ordinary shareholders. [39]
- On or about December 29, 2025:Expected closing date of the Geely–Zeekr merger, after which ZK is expected to be delisted from NYSE. [40]
Shareholders who take no action by the deadline are slated to receive cash by default, according to the company’s latest press release. [41]
8. Important Disclaimer
This article is for informational and journalistic purposes only. It summarizes publicly available data and commentary on Zeekr Group and its stock as of December 1, 2025. Nothing here constitutes financial, investment, legal, or tax advice, nor a recommendation to buy, sell or hold any security.
Stock prices and corporate events can change quickly. Investors should do their own research, read the official filings and press releases, and consider consulting a licensed financial adviser before making investment decisions.
References
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