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Geely Auto’s EV Unit Zeekr Raises USD500 Million in Pre-A Fundraiser at a USD8.9 Billion Valuation
Zhang Yushuo
DATE:  Aug 30 2021
/ SOURCE:  Yicai
Geely Auto’s EV Unit Zeekr Raises USD500 Million in Pre-A Fundraiser at a USD8.9 Billion Valuation Geely Auto’s EV Unit Zeekr Raises USD500 Million in Pre-A Fundraiser at a USD8.9 Billion Valuation

(Yicai Global) Aug. 30 -- Zeekr, the electric vehicle unit of Chinese carmaker Geely Automobile Holdings, said it has secured USD500 million in a pre-A financing round, raising its value to USD8.9 billion.

Intel Capital led the fundraiser. Other investors, including battery maker Contemporary Amperex Technology, video platform Bilibili, Cathay Fortune and Boyu Capital, also took part, Zeekr announced on Aug. 27.

The five shareholders now own about 5.6 percent of Hangzhou-based Geely’s EV brand. Geely Auto and its partner Zhejiang Geely Holding Group own 48 percent and 46.4 percent, respectively.

The investors are leading firms in their respective fields and have advantages in smart innovative and new energy ecological technologies as well as insight into young users, vertical integration of raw materials, and new consumption, so they can promote Zeekr’s development, it said.

Zeekr’s pre-A round of financing targeted strategic investors and does not reflect its future valuation, Chief Executive An Conghui said, according to a report by AI Finance and Economics. The firm will have other fundraisers and finally go public, he added.

Intel’s self-driving subsidiary Mobileye announced that it will work with Zeekr in creating Advanced Driver Assistance Systems. The pair also plans to jointly develop a next-generation system based on six EyeQ5 systems on a chip, expected to be installed in new car models in 2023.

Founded in March, Zeekr launched its first vehicle, the Zeekr 001, at the Shanghai International Automobile Industry Exhibition in April. It aims to roll out six new models in the next three years and sell around 650,000 by 2025, to rank among the top three high-end EV makers worldwide, the firm added.

Geely Auto’s stock price [HKG:0175] gained 4.3 percent today to close at HKD26.90 (USD3.45). The benchmark Hang Seng Index added 0.5 percent.

Editor: Futura Costaglione

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Keywords:   Geely,Zeeker,NEVS,investment,electric vehicles