A Zeekr 001 electrical automobile (EV) by Geely is seen displayed on the Zeekr sales space throughout a media day for the Auto Shanghai present in Shanghai, China April 19, 2021. REUTERS/Aly Track
August 28, 2021
BEIJING (Reuters) -Zeekr, the electrical automobile model by Geely, mentioned on Friday it raised $500 million in its first exterior funding from traders together with Intel Capital, battery maker CATL and on-line leisure agency Bilibili.
Led by Chief Government Andy An, who can be Geely’s president, Zeekr mentioned traders would collectively maintain a 5.6% stake within the firm, valuing it round $9 billion. Chief monetary officer Yuan Jing advised reporters that Zeekr doesn’t at the moment have a transparent plan for its preliminary public providing.
The corporate makes the Zeekr 001 mannequin within the japanese metropolis of Ningbo and is anticipated to begin delivering them later this yr. It goals to promote 650,000 autos a yr by 2025.
Buyers additionally included Cathay Fortune Company, which invests in mining corporations, and private-equity agency Boyu Capital that moreover signed long-term funding partnerships with Zeekr, the carmaker mentioned in a press release.
Zeekr, which targets younger and stylish prospects, is collectively owned by Geely Car and its father or mother Zhejiang Geely Holding Group.
The businesses are anticipated to contribute experience in clever connectivity, batteries, younger client markets and uncooked supplies, it mentioned.
Automotive corporations globally are working with extra tech corporations, battery makers and mining companies to develop future merchandise and safe provide of elements amid a shift in the direction of electrical autos (EV).
Zhejiang Geely Holding Group, the proprietor of Volvo Vehicles and a 9.7% stake in Daimler AG, and Geely Car launched the Zeekr in March this yr to compete with EV corporations together with Tesla Inc and Nio Inc. They collectively invested 2 billion yuan ($308.4 million) into the model earlier.
Zeekr, like different international automakers, is making an attempt to safe extra chips that’s utilized in its autos to ramp up manufacturing. Its govt mentioned in June that it has bought out of deliveries for this yr.
It additionally has different electrical automobile manufacturers together with mass-market Geometry, which noticed gross sales rising previously months, and premium Polestar.
($1 = 6.4847 Chinese language yuan renminbi)
(Reporting by Yilei Solar and Brenda Goh; Enhancing by Stephen Coates and Emelia Sithole-Matarise)