China’s Geely Automobile looks to take its electric-vehicle brand Zeekr private just one year after the company went public in the U.S. as the auto giant faces stiff competition in its home market.

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.