Geely’s Electric Car Brand Zeekr Reportedly Filed For US IPO
Zeekr, a premium electric car brand owned by China’s Geely, announced Tuesday that it has filed for a U.S. initial public offering. If approved, it will be the country’s first significant Chinese listing in nearly two years, following China’s effective embargo on foreign IPOs.
Zeekr filed with regulators last week but did not reveal any details, such as the number of shares to be offered, the price range, or the listing date. According to Reuters, Zeekr, which will be spun off from Geely, plans to raise more than $1 billion in its initial public offering and seek a valuation of more than $10 billion, citing persons with direct knowledge of the situation.
The filing comes just a few weeks after Zeekr staged a joint event in Los Angeles with Alphabet Inc’s (NASDAQ: GOOGL) self-driving platform Waymo to showcase its Autonomous Mobility Platform, an electric minivan-type vehicle created with Waymo’s AV stack for future robotaxi and logistics operations. A year ago, Waymo and Zeekr announced their collaboration to co-develop a purpose-built AV.
READ: Waymo Partners With Geely’s Zeekr For Electric Ride-Hailing Autonomous Fleet
The electric vehicle maker notes Tesla and Chinese counterpart Nio as competition, and is presently marketing the 001 crossover, its flagship and only model, for release in Europe next year.
Zeekr’s filing comes just a few months after Washington and Beijing reached an agreement that reduces the likelihood of delisting for more than 200 Chinese firms listed on New York exchanges by allowing American officials to review audit documents of Chinese companies that trade in the United States.
READ: Small-Cap IPOs That Are Pump-And-Dumps Are On The Rise, Thanks To Chinese Firms
Founded in 2021, Zeekr introduced its first model in April and started its deliveries in October.
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