Before the US IPO news broke, Zeekr took steps to expand itself, including a partnership with Mobileye.
Zeekr, the electric vehicle brand of Chinese multinational automaker Geely, has privately filed for an initial public offering (IPO) in the United States. The company is looking to raise more than $1 billion in capital through a proposed public offering, according to anonymous sources. It is said that If successful, the IPO will be the first major Chinese listing in the US in about two years. In particular, the Chinese government has banned foreign IPOs that divert companies from US shares.
Zeekr targets $1 billion from proposed US IPO
A source with direct knowledge of the matter confirmed that Zeekr is targeting a valuation of over $10 billion after securing $1 billion in a US IPO. However, the EV maker did not specify how many shares it would offer in its application. There is also no information about the exact IPO stock price range.
Before the US IPO news broke, Zeekr took steps to expand his company, including his partnership with Mobileye. The EV company has worked with advanced driver assistance systems and AV technology companies to develop an all-electric self-driving car. About a week ago, Zeekr held a joint event with his Waymo to showcase its autonomous mobility platform in Los Angeles. The Autonomous Mobility Platform is a minivan-like electric vehicle developed using Waymo’s AV stack, aimed at logistics operations and future robotaxis.
Zeekr’s relentless pursuit of global expansion is evident in its partnerships and recent US IPO filing. Also, Tesla (NASDAQ:
TSLA) and Chinese competitor Nio. Meanwhile, China’s new energy vehicle (NEV) sales recently hit a record high. At the same time, Zeekr unveiled its latest autonomous SEA-M platform. The Chinese company also launched a second vehicle model, the 009, and increased production of its debut model, the 001. The EV maker plans to launch its flagship model in Europe next year. This vehicle has already made a name for itself. Battery electric vehicles have set two Guinness World Records this year. The first is the title of the fastest drift ever achieved by an electric car (207.996 km/h). And his second is the fastest electric car slalom (50 cones in 49.05 seconds).
Geely considers specializing in the electric vehicle business
Parent company Geely is considering further specialization in the EV business. The company aims to expand its presence in the electric vehicle industry by converting 50% of its car sales to electric vehicles in 2023. This could be related to Zeekr’s mission to enter the European market next year. Gelly’s vision for the next few years will require capital, and Zeekr’s proposed U.S. IPO could bring the necessary funding to reach its goals.