Zeekr could be the next EV startup to go public in the US

Zeekr may follow in the footsteps of fellow EV startups Rivian and VinFast by raising funds via an IPO.

Citing three sources familiar with the matter, Reuters reported Monday that Zeekr has already applied for a US IPO and is aiming to raise more than $1 billion.

The company is targeting a valuation of around $10 billion and could complete the IPO by mid-2023, two of the sources also said.

Zeekr is a premium EV brand from Chinese auto giant Geely, whose first model, the 001 hatchback, was only launched in 2021. Fellow Geely brand Volvo launched an IPO in Sweden last year, while another Geely brand, Polestar, went public earlier that year in the US via the easier route of a SPAC deal, also known as a reverse merger.

The report of a possible Zeekr IPO comes just weeks after the company’s CEO, An Conghui, said during a press event in China that Zeekr plans to expand to Europe in 2023, initially with the 001. It would be the first market of the company outside of China.

Based on Geely’s SEA EV platform, the 001 delivers up to 536 horsepower from a twin-engine powertrain. Zeekr managed to sell almost 60,000 units in the first nine months of the year.

Other models in the works at Zeekr include the 009 minivan, which was shown in August and is set to start production in early 2023.

Zeekr is also developing a minivan to be used by companies operating robo-taxis. The first customer for the minivan is Waymo, Alphabet’s self-driving technology company.

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