Geely's EV Brand Zeekr Pursues $1B In US IPO: Report

  • Chinese automotive company Geely Automobile Holdings Ltd's GELYY GELYF premium electric car division, Zeekr, has filed for a U.S. initial public offering (IPO).
  • The electric car brand, Reuters reported, expects to raise over $1 billion through its market debut.
  • Zeekr filed for the IPO with U.S. regulators last week and aims to go public in the second quarter of 2023.
  • Geely launched the EV brand in April 2021 to cater to China's demand for premium EVs.
  • Also Read: Volkswagen Stays Decision On Gigafactory In Eastern Europe Beyond 2022
  • The report added that the IPO would be first big Chinese float in the U.S. in more than a year and a half after Beijing’s tough stand on the overseas shares sales of Chinese companies.
  • Zeekr is looking for a valuation of more than $10 billion through the IPO.
  • The move is significant in the sense that major Chinese EV makers are expanding their presence in Europe in a bid to capture a growing demand for electric vehicles in the region.
  • Also Read: US Confirms Death Due To Faulty Air Bag In Honda
  • Photo Via Company
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