Chinese electric car brand Zeekr is now worth more than Xpeng

BEIJING – GeelyElectric vehicle brand Zeekr said Monday it is now valued at $13 billion after raising $750 million from Chinese battery giant CATL and others.

Zeekr is not yet listed on the exchange, but Geely said in December that the brand had confidentially filed for an initial public offering in the US.

New $13 billion valuation makes Zeekr more valuable on paper than it is Xpengwhich had a market value of $8.01 billion, according to Refinitiv Eikon data released on Monday.

Nio And Lee Auto are worth much more, with a market valuation of $17.22 billion and $25.22 billion, respectively.

Zeekr said its new investors include Amnon Shashua, co-founder and CEO of a self-driving car technology company. Mobile. The company did not immediately respond to a request for comment.

Modern Amperex Technology (CATL) According to the press release, three government funds also participated in the latest funding round.

Zeekr said it intends to use the funds for technology development and plans to enter the European market this year.

Geely launched the electric vehicle brand Zeekr in 2021. The company began deliveries of its Zeekr 001 coupe in October of that year and claims to have delivered over 80,000 units since then.

The Zeekr 001 costs between 300,000 yuan ($43,915) and 386,000 yuan. For a rough comparison, the Tesla Model Y starts at 261,900 yuan.

Deliveries of the larger, boxier Zeekr 009 multi-purpose vehicle began in January, the company said. Prices start at 499,000 yuan.

In 2010, the Chinese company Geely acquired the Swedish car brand Volvo, formerly owned by Ford Motor.

According to the China Passenger Car Association, Geely was the fourth-largest new energy passenger car manufacturer in 2022 in terms of sales in China, after Tesla China, which ranked third.