Zeekr is considering an IPO and has sought proposals from investment banks, according to Bloomberg.
(Image credit: Zeekr)
Geely's premium electric vehicle (EV) subsidiary Zeekr Intelligent Technology is considering an IPO and has sought proposals from investment banks, Bloomberg reported today, citing people familiar with the matter.
Zeekr is exploring listing locations including the US and Hong Kong and has not yet decided on the size of the IPO, according to the report.
A potential timeline for the IPO has not been set, and Zeekr may choose to raise another round of funding first, the report said, adding that the regional arm of consumer-focused private equity firm L Catterton Asia has expressed interest in participating in any future fundraising.
However, local media outlet Jiemian later cited sources at Zeekr as saying that the company currently has no plans for a new funding round.
Zeekr was officially launched as an independent company in March 2021, and its first model, the Zeekr 001, was unveiled on April 15 and is currently offered in four models with a price range of RMB 299,000 to RMB 386,000.
Since deliveries began in October last year, Zeekr has delivered a total of 30,039 Zeekr 001 vehicles, including 5,022 in July, data monitored by CnEVPost shows.
Zeekr is about to launch its second model, the Zeekr 009, which is also its first MPV. Zeekr has teased the Zeekr 009 several times in the past month, with pricing information and a specific release date currently unknown.
Geely said in its semi-annual earnings communication on August 18 that Zeekr will have two new products in the second half of the year, and the subsidiary will keep its goal of delivering 70,000 vehicles for the year unchanged.
In addition to the already known Zeekr 009 MPV, next up should be a small SUV codenamed BX1E, according to information shared by an auto blogger last week.
The blogger also shared three alleged spy shots of the SUV, and although the vehicle is tightly wrapped in camouflage, its compact design can still be seen.
Zeekr raised $500 million in the first round of external funding led by Intel Capital last year, valuing it at about $9 billion, according to Bloomberg. Chinese power battery giant CATL, video platform Bilibili and private equity firm Boyu Capital also participated.