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

  • Geely Automobile Holdings Ltd 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 XPEV, which had a market value of $8.01 billion, CNBC reports.
  • NIO Inc NIO and Li Auto Inc 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 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 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.
  • Photo via Wikimedia Commons
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