Tuesday, December 7, 2021

Geely’s premium EV brand Zeekr raises $500M

Zeekr said it raised $500 million in its first external funding from investors including Intel, Chinese battery maker CATL and online entertainment firm Bilibili. Zeekr is the Premium EV brand of Chinese car Maker Geely.

Zeekr said in a statement that investors would jointly hold a 5.6 percent stake in the company. The Valuation of Zeekr would be around $9 billion.

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

Zeekr 001 Model

Investors also included Cathy Fortune Corporation, which invests in mining companies. Another Investor is private-equity firm Boyu Capital that additionally signed a long-term investment partnerships with Zeekr, the automaker said in the statement.

Zeekr 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.

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Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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