Zeekr Seeks $10 Billion Valuation After Quiet Filing

Investors looking for exposure to large-cap electric vehicle (EV) brands will soon have another chance to jump on the battery-powered bandwagon.

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Chinese EV maker Zeekr is reportedly planning an initial public offering (IPO) in 2023, seeking to raise more than $1 billion through the deal.

According to Reuters reports, which broke the news on December 12, Zeekr confidentially filed for the listing with the Securities and Exchange Commission (SEC) last week. It is planning to go to market as soon as the second quarter of 2023, anonymous sources told the news agency.

The company plans to list on the New York Stock Exchange (NYSE), though details of the pricing and the total number of units remain unknown at this point. Companies may opt for confidential filings to deny competitors details of the deal and to give management more room to maneuver with IPO’s timeline.

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Zeekr is owned by Chinese automotive titan Geely. The Zhejiang-based automaker is one of the largest in China.

Besides Zeekr (reportedly a portmanteau of “Generation Z” and “geek”), Geely has a number of other EV brands under its banner. These include Polestar (Volvo’s EV spin-off), Smart (an equal-stake joint venture with Mercedes Benz), and Lynk & Co (another Volvo venture that sells EVs via a subscription model).

The proposed IPO coincides with Zeekr’s push to expand beyond its home market. It plans to launch its maiden model – the Zeekr 001 – in Europe next year.

The growth potential for investing in electric vehicles (EVs) is significant. The global EV market is expected to expand rapidly in the near future as more and more consumers and governments switch to EVs to shrink their carbon footprint and reduce fossil fuel usage

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