Over the past few years, there has been a rapid expansion of automakers entering the EV space as demand for new electric vehicles rises in the global market. Instead of such demand, the recently founded Chinese EV startup brand Zeekr is about to enter the American market.
Zeekr has privately filed for a U.S. IPO and is expected to go public in the second quarter of 2023, according to a recent Reuters report. This IPO aims to raise over $1 billion at a valuation of $10 billion. The report reveals Zeekr’s intentions to expand into Europe and North America.
So what is Zeekr? A new premium brand formed in early 2021 to bring competition to the luxury EV segment. As for the name, Zeekr probably derives from the word “geek” and his Gen Z, indicating the brand’s focus on technology and desire to attract younger consumers. The start-up isn’t just for ordinary companies, it’s also Geely, the multi-billion dollar Chinese auto company best known for holding significant stakes in Volvo, Polestar and Lotus. Founded by the well-known Zhejiang Geely Holding Group.
As a division of Geely, Zeekr first focused its business strategy on the Chinese market. However, to meet the demand for luxury electric vehicles in the international market, we plan to explore export possibilities.
The plans come as the brand plans to launch its first crossover model, the Zeekr 001, and its newly announced second model, the 009 MPV minivan, in Europe next year.