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Geely's Zeekr finishes $750m Series A financing round

chinadaily.com.cn| Updated: February 14, 2023 L M S


Zeekr unveils its M-Vision concept in November 2022. [Photo provided to chinadaily.com.cn]

Zeekr, a premium electric marque of Zhejiang Geely Holding Group, said on Monday it has finished a $750 million Series A financing round, which will beef up its valuation to $13 billion.

Investors of the financing round are Mobileye's founder and CEO Amnon Shashua, Chinese battery maker CATL, Yuexiu Industrial Fund, Tongshang Fund and Xin'an Intelligent Manufacturing Fund.

Zeekr said it will use the funds to accelerate global development of its propriety technologies while also aiming to expand its global market footprint by entering the European market in 2023.

Daniel Donghui Li, CEO of Geely Holding Group said the Series-A fundraising is "a vote of confidence" in the marque's growth prospects.

Li said Geely Holding will continue to explore ways to unlock value across its portfolio as the Chinese car group pioneers new services and mobility solutions to meet customer demand across the world.

Zeekr was established in April 2021 with R&D facilities in Gothenburg, Sweden and Hangzhou, China.

The brand began deliveries of its flagship Zeekr 001 in October 2021, delivering over 80,000 units to date. Zeekr started shipment of its electric MPV Zeekr 009 to users earlier this year.

It expects to sell 140,000 vehicles this year, which will double the figure in 2022. Zeekr said it will launch two new models this year and it aims to scale up its deliveries to 650,000 units by 2025.

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