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Geely’s Zeekr raises $500 million in first external funding

Geely’s premium electric vehicle brand, Zeekr, said last week that it had raised $500 million in its first external funding from investors, including Intel Corp, battery manufacturer CATL and online entertainment company Bilibili.

Other investors include Cathy Fortune Corporation as well as private equity firm Boyu Capital.

According to Zeekr, the investors will jointly own a stake of 5.6% in the company, whose valuation is estimated at nearly $9 billion.

It also said that the companies were expected to offer their expertise in areas such as intelligent connectivity, batteries, young consumer markets and raw materials.

The Zeekr brand is jointly owned by Geely Automobile and its parent company Zhejiang Geely Holding Group.

The company’s Zeekr 001 model is manufactured in the eastern city of Ningbo, while its deliveries are expected to begin later in 2021. The premium electric vehicle maker aims to sell 650,000 cars per year by the middle of the decade.

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