WionDrive News Desk 
Zeekr, the premium electric vehicle (EV) brand under Chinese automaker Geely, is embarking on a global investor tour in late August to gauge interest in a potential USD 1 billion initial public offering (IPO) in the United States. This move comes as Zeekr aims to replicate its successful USD 13 billion valuation achieved in a private USD 750 million funding round earlier this year.
Engaging Global Investors
Hangzhou-based Zeekr plans to meet with potential investors across several major global financial hubs, including Hong Kong, Singapore, London, New York, Boston, California, and the Middle East. The ultimate size of the IPO will depend on market conditions later in the year.
Valuation and Ambitions
Sources suggest that Zeekr is aspiring for a valuation exceeding USD 13 billion, aligned with its earlier funding round. Geely, the parent company responsible for Zeekr, has yet to comment on these plans or developments.
Geely’s Push for High-End EVs
Geely, officially known as Zhejiang Geely Holding Group, introduced the Zeekr brand in April 2021 to tap into China’s growing demand for premium electric vehicles. Zeekr currently offers a range of three models, with prices starting from 189,800 yuan (USD 26,042) and reaching up to 499,000 yuan.
Strategic Expansion and Growth Targets
Having delivered 72,000 vehicles in the previous year, Zeekr has set ambitious targets for 2023, aiming to deliver 140,000 vehicles. The brand’s expansion strategy includes plans to introduce its vehicles to international markets such as the Netherlands, Sweden, Israel, and Kazakhstan.
Financial Performance and Vision
CEO Andy An revealed that Zeekr’s vehicle segment achieved a double-digit gross profit margin in the first half of 2023, more than doubling the figure recorded for the entirety of 2022. This robust financial performance reflects Zeekr’s strong market positioning and growth prospects.
Treading a Challenging Path
Zeekr’s IPO pursuit comes at a time when new Chinese share sales in the US face regulatory scrutiny due to increased oversight by Chinese authorities over companies seeking overseas listings. If Zeekr successfully raises USD 1 billion through its IPO, it would mark the largest US listing by a Chinese firm in over two years since Didi’s USD 4.4 billion IPO in mid-2021.
As Zeekr seeks to transform China’s premium EV landscape and capitalize on the growing global EV trend, its forthcoming IPO and investor engagement signal its determination to secure a pivotal position in the competitive electric vehicle market.
