Geely's Zeekr raises US $750m funding for global development of EV solutions
China's largest private-owned automotive group Zhejiang Geely Holding Group (Geely Holding) has announced a USD 750 million A-Series fundraising at ZEEKR Intelligent Technology (Zeekr), the group's exclusive premium electric mobility brand launched in 2021 targeting global markets.
The latest investments have comes from five investors, including Contemporary Amperex Technology Ltd (CATL). With this, Zeekr brand has been valued at USD $13 billion.
The company has said Zeekr will use the newly raised funds to accelerate global development of its propriety EV technologies, while also aiming to expand its global market footprint by entering the European market this year.
Daniel Donghui Li, CEO of Geely Holding Group said on the development, "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".
He further added, "Geely Holding will continue to explore ways to unlock value across our portfolio as we pioneer new services and mobility solutions to meet customer demand across the world."
It is said that Zeekr brand was launched by Geely to target the Tesla and Nio brands in the international markets. The EV marque has unveiled three electric car models so far, and has reportedly sold 6,007 vehicles in China in its very first year.