Geely's Premium EV Brand Zeekr Topples XPeng's Valuation

Geely Automobile Holdings Ltd (OTC:GELYY) backed electric car brand Zeekr said it’s now worth $13 billion after a $750 million raise from Chinese battery giant Contemporary Amperex Technology Co. Limited and others.
Geely said in December, the brand filed confidentially for an initial public offering in the U.S.
The new $13 billion valuation makes Zeekr worth more on paper than XPeng Inc (NYSE:XPEV), which had a market value of $8.01 billion, CNBC reports.
NIO Inc (NYSE:NIO) and Li Auto Inc (NASDAQ:LI) are worth much more, with market valuations of $17.22 billion and $25.22 billion, respectively.
Zeekr said its new investors include Amnon Shashua, co-founder and CEO of self-driving tech company Mobileye Global Inc (NASDAQ:MBLY).
Zeekr plans to use the funds for tech development and eyed entry into the European market this year.
By sales in China, Geely was the fourth-largest manufacturer of new energy vehicle passenger cars in 2022, behind Tesla Inc (NASDAQ:TSLA) China, which was in third place, according to the China Passenger Car Association.
Price Action: GELYY shares closed lower by 3.45% at $29.36 on Friday.
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