Zeekr Electric Broadway: Chinese automaker Geely’s prized possession, Zeekr, is set to make waves in the Big Apple as it unveils plans for a New York stock market listing, riding high on the surging enthusiasm for electric vehicles (EVs). According to insiders, Zeekr will lift the veil on its prospectus this week, igniting anticipation for a stock market debut within weeks.
Led by financial heavyweights Goldman Sachs and Morgan Stanley, the underwriters are gearing up for a spectacle, though the specifics of the float’s size and price remain shrouded in mystery.
While Zeekr and its financial maestros declined to comment, whispers of a U.S. initial public offering have been circulating since last December, with aspirations to raise over $1 billion. However, sources suggest the actual figure might fall short of this ambitious target.
The move, shrouded in confidentiality, aligns with a broader trend, allowing companies to control information flow and maintain strategic flexibility, especially when the IPO timeline remains fluid.
This potential IPO could mark a significant return for Chinese companies to the U.S. stage after a two-year hiatus triggered by Beijing’s tightening control over overseas share sales. The geopolitical storm intensified with a cybersecurity probe into Didi Global shortly after its U.S. stock market debut.
Also Read: Chinese EV Brands Making Waves in Europes Competitive Car Market
In February, Zeekr made headlines by securing $750 million in a funding round, valuing the brand at an impressive $13 billion. Investors, including the CEO of autonomous driving technology firm Mobileye Global and Chinese battery giant CATL, demonstrated their faith in Zeekr’s electric prowess.
As the EV landscape in China faces the ripples of a price war ignited by Tesla, Zeekr stands resilient, leveraging Zhejiang Geely Holding Group’s manufacturing prowess and cost-saving capabilities to bolster its profitability. CEO Andy An proudly shared in August that Zeekr achieved a double-digit gross profit in the first half of the year, a significant leap from the 5% gross profit recorded in 2022.
Zeekr, born in 2021, has rapidly ascended the ranks, securing the 13th spot in EV sales in China, with an impressive 79,028 units sold in the first nine months, more than doubling its performance from the same period in 2022.
Offering a compelling lineup of four EV models, including its best-selling 001 crossover priced from 269,000 yuan ($36,927.22), Zeekr has set its sights beyond Chinese borders. Ambitious plans to tap into overseas markets, including the Netherlands, Sweden, Germany, Israel, Kazakhstan, and more, signal a global electric journey in the making. The spotlight is set on Zeekr’s grand electric odyssey, and the EV world is eager to witness the spectacle unfold.
Our Reader’s Queries
Is ZEEKR a Chinese company?
Zeekr, a brand that originated in China, has been expanding its reach into Europe. The first European showroom was established in Stockholm, Sweden in 2023. Sweden and the Netherlands were the first markets that Zeekr entered in Europe. The brand has plans to further expand into Denmark, Germany, France, Norway, and Israel in 2024.
How much is ZEEKR worth?
Back in February, Zeekr managed to raise $750 million from investors such as Contemporary Amperex Technology (CATL) and Guangzhou Yuexiu Industrial Investment Fund, which helped the company reach a valuation of $13 billion. This news was announced by Geely, and it’s a testament to the company’s potential and the confidence that investors have in its future.
What is the top speed of the ZEEKR?
With a lightning-fast acceleration of 0-100 km/h in just 3.8 seconds and a top speed of 200 km/h, this vehicle is a true powerhouse. But that’s not all – it also boasts an impressive electric range of up to 500 km. Whether you’re looking for speed or efficiency, this car has got you covered. So buckle up and get ready for an exhilarating ride.
What is the difference between Lynk and Co and ZEEKR?
ZEEKR exclusively offers battery electric vehicles (BEVs), whereas Lynk & Co provides plug-in hybrid electric vehicles (PHEVs). This is the primary distinction between the two brands.