Zeekr Ambitious Plans for an IPO in the U.S.
Zeekr plans to go public in the United States in 2023, owned by Chinese automaker "Geely", which also has a controlling interest Volvo, Polestar, and Lotus.
Zeekr, a subsidiary of Geely Automotive, filed for an initial public offering on the New York Stock Exchange last week. In order to fund its expansion into Europe, the company is seeking an initial public offering valuation of more than $10 billion and hopes to raise over $1 billion. A 536-hp electric wagon is currently available from Zeekr, and a minivan with the same powerful engine was recently announced.
You might be wondering "What is a Zeekr?"
A premium electric vehicle brand, Zeekr has been created by Chinese auto giant Geely, which owns Volvo, Polestar, and Lotus. In addition to building London's black cabs, Geely owns LEVC and Lynk & Co, a Chinese-market brand that once considered entering the U.S. market. As the name suggests, Zeekr emphasizes technology and aims to attract a younger customer base by combining the word "geek" with Generation Z.
The Zeekr 001
The ZEEKR 001 has a powerful stance, measuring 4,955mm long and 2,999mm wheelbase. It features short front and rear overhangs, a steeply sloping windscreen and fast-sloping rear glass creating the dynamic Shooting Brake design. The muscular front and rear haunches stand out on the clean flowing surfaces while aerodynamic 21-inch and 22-inch designs heighten the vehicle's purposeful, poised stance with great efficiency. Its fantastic streamlined design boasts an incredibly low drag coefficient of 0.23 Cd which contributes to its exceptional range of up to 620km (WLTP)1 as well as being quieter than most.
In 2021, Zeekr launched their first car, the 001 - a wagon-like vehicle with design elements reminiscent of the Lynk & Co range. The top model comes with a dual-motor powertrain and 536 horsepower, enabling it to accelerate from 0-62mph in around 3.8 seconds. It is available in two battery sizes; all 001s being able to travel over 300 miles on a single charge according to China's NEDC test cycle and the larger 100.0-kWh option offering up to 443 miles of range in RWD mode. The RWD single-motor version puts out 268 hp and takes 6.9 seconds for the sprint. Prices start at approximately $42,852 at current exchange rates.
Zeekr has recently launched its innovative 009 minivan, featuring cutting-edge LED lighting with a dynamic chrome grille. This cool cube is highly powerful, boasting a 536-hp powertrain and either an 116.0-kWh or 140.0-kWh battery to aid the acceleration from 0 to 62 mph in 4.5 seconds. Additionally, the larger battery also brings an impressive range of up to 511 miles. The interior of the 009 overflows with tech and luxury features like leather massaging captain’s chairs in the roomy second row.
Zeekr has announced its intention to come to North America, but in the meantime is pursuing an IPO on the New York Stock Exchange in the second quarter of 2023. This coincides with plans to roll out Zeekr's 001 model in Europe next year. The company is said to have considered listing on the Hong Kong Stock Exchange, yet they predict a higher valuation in New York.
In the nine months leading up to 2022, Zeekr sold nearly 60,000 vehicles domestically - not as many as Tesla's 285,000 Model Ys in that same time frame, yet a promising indication for a fledgling automaker. It remains to be seen whether or not an effective launch into Europe and a successful initial public offering will translate into success for Zeekr in the American market.
For more stories subscribe to our Newsletter
In the first quarter of 2023, Cathie Wood opted to part ways with Chinese EV company NIO Inc. (NYSE:NIO). ARK Investment Management sold a total of 336,347 shares of the stock during this period. Since then, this stock has dropped by 45% which could explain why Wood was no longer interested in holding it. Yet, she remains highly optimistic about Tesla Inc.
Designer-turned-CEO Thomas Ingenlath questions the importance of efficiency, emphasising "brilliant new ideas". Polestar CEO said he would give up some of the efficiency and range of an electric car to ensure it has a distinctive visual identity.
The most powerful member of the new 5-series sedan family is the i5 M60 xDrive, boasting a whopping 590 horsepower - and it's electric! The 530i and 540i models are still available, powered by gas.
Thank you for reading.