Geely’s EV brand Zeekr raises $500m in 1st external funding

Geely’s EV brand Zeekr raises $500m in 1st external funding
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Updated 28 August 2021

Geely’s EV brand Zeekr raises $500m in 1st external funding

Geely’s EV brand Zeekr raises $500m in 1st external funding
  • Zeekr does not currently have a clear plan for its initial public offering, says CFO

BEIJING: Zeekr, the electric vehicle brand by Geely, said on Friday it raised $500 million in its first external funding from investors including Intel Capital, battery maker CATL and online entertainment firm Bilibili.

Led by Chief Executive Andy An, who is also Geely’s president, Zeekr said investors would jointly hold a 5.6 percent stake in the company, valuing it around $9 billion. Chief Financial Officer Yuan Jing told reporters that Zeekr does not currently have a clear plan for its initial public offering.

The company makes the Zeekr 001 model in the eastern city of Ningbo and is expected to start delivering them later this year. It aims to sell 650,000 vehicles a year by 2025.

Investors also included Cathay Fortune Corp., which invests in mining companies, and private-equity firm Boyu Capital that additionally signed long-term investment partnerships with Zeekr, the carmaker said in a statement.
Zeekr, which targets young and trendy customers, is jointly owned by Geely Automobile and its parent Zhejiang Geely Holding Group.
The companies are expected to contribute expertise in intelligent connectivity, batteries, young consumer markets and raw materials, it said.