Chinese EV brand Zeekr makes US IPO filing public
Chinese article by 爱集微
English Editor 张未名
11-10 15:49

(JW Insights) Nov 10 -- Chinese automaker Geely's premium electric car brand, Zeekr, made public its paperwork for an initial public offering (IPO) in the United States on November 9, reported Reuters.

Goldman Sachs and Morgan Stanley are the lead underwriters for the IPO, said the November 9 Reuters report.

Zeekr confidentially filed for a U.S. initial public offering last December, aiming to raise more than $1 billion. However, the company is likely to raise less than the targeted amount from the IPO.

The Zeekr's IPO could mark the first major float by a Chinese company in the United States in two years since Beijing tightened its grip on overseas share sales in 2021 -- a shift triggered by a cybersecurity probe into ride-hailing giant Didi Global on the heels of its U.S. stock market debut, said the Reuters report.

In February, Zeekr was valued at $13 billion after a $750 million funding round from investors including Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global, and the Guangzhou city municipal government's investment arm, Yuexiu Industrial Fund.

Zeekr, established in 2021, ranked 13th in EV sales in China among all brands, with 79,028 units sold in the first nine months, more than double the same period in 2022, reported Reuters.

CEO Andy An told reporters in August that Zeekr achieved a double-digit gross profit in the first half of this year, compared to a 5% gross profit in 2022.

It offers four EV models in China, with its 001 crossover priced from RMB269,000 ($36,927.22) as its best-selling EV.

Zeekr has also announced plans to sell into overseas markets, including the Netherlands, Sweden, Germany, Israel, and Kazakhstan, among others, according to the Reuters report.

(Li PP)

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