Zeekr may be next EV startup to launch IPO in US

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Zeekr may follow in the footsteps of fellow EV startups Rivian and VinFast by raising funds via an initial public offering.

Citing three sources familiar with the matter, Reuters reported on Monday that Zeekr has already filed for an IPO in the U.S. and seeks to raise more than $1 billion.

The company is seeking a valuation of around $10 billion and could complete the IPO by mid-2023, two of the sources also said.

Zeekr is a premium EV brand from Chinese auto giant Geely, and whose first model, the 001 hatchback, was only launched in 2021. Fellow Geely brand Volvo launched an IPO in Sweden last year, while another Geely brand, Polestar, went public earlier this year in the U.S. via the easier route of a SPAC deal, also known as a reverse merger.

The report of a potential Zeekr IPO comes just weeks after the company’s CEO, An Conghui, said during a press event in China that Zeekr plans to expand to Europe in 2023, initially with the 001. It would be the company’s first market outside of China.

The 001 is based on Geely’s SEA EV platform, and delivers up to 536 hp from a dual-motor powertrain. Zeekr has managed to sell close to 60,000 units in the first nine months of the year.

Other models in the works at Zeekr include the 009 minivan which was shown in August and due to start production in early 2023.

Zeekr is also developing a minivan designed to be used by companies operating robotaxis. The first customer for the minivan is Waymo, the self-driving technology company of Alphabet.



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