Geely-supported EV brand Zeekr announced on February 13 that its valuation is now at $13 billion after securing an additional $750 million in Series A funding from five significant investors, including the EV battery giant CATL.
“The Series-A fundraising is a vote of confidence in the growth prospects and strong future of Zeekr, which becomes the latest brand in the Geely Holding portfolio to secure a strong valuation.”
Li Donghui, Geely Holding Group CEO
Interestingly, the good news occurred just two months after the brand confidentially filed for an initial public offering in the United States in December 2022.
Purpose
The fresh funding will aid Zeekr’s continued R&D in EV technology and the automaker’s global expansion. Zeekr’s parent company Geely declared in a statement that the brand aims to penetrate the European EV market this year.
Moreover, the press release noted that the successful funding round is aligned with Geely Holding Group’s “accelerating electrification transition” as the company aims to promote clean mobility.
The EV brand announced a target of 650,000 annual sales by 2025. It also aims to rank among the top three luxury automakers in terms of market share.
About Zeekr
Chinese automaker Geely founded Zeekr as a global luxury EV brand on April 15, 2021. The brand claimed it had delivered over 80,000 units since it started delivery operations for its flagship model, Zeekr 001, in October 2021.
Zeekr currently has R&D facilities in China, Gothenburg, Sweden, and Hangzhou. The brand has also started shipment of its new Zeekr 009 full-size electric MPV in the first month of this year, as per Geely.
Remarkably, Zeekr’s parent company Geely was the fourth-biggest NEV passenger car maker in China last year. It trails behind the top 3 Teslav China, as per the China Passenger Car Association.
