The carmaker has been planning to go public for more than a year and was aiming for a $13 billion valuation
https://www.carscoops.com/author/bradcarscoops-com/
–>
by Brad Anderson
4 hours ago
–> 
–>
Chinese electric carmaker Zeekr is delaying its plans for an initial public offering in the U.S. because the company believes it is worth more than some potential investors think.
Zeekr filed a prospectus earlier this month to go public on the New York Stock Exchange (NYSE) and was aiming for a $13 billion valuation, the same that it achieved in a round of private fundraising in February. However, sources with inside information assert that informal talks with potential investors since late August have seen some of them put a valuation on the firm below this figure, noting that the company’s losses recently increased and market sentiment remains weak.
In its prospectus, Zeekr revealed that its revenue hit 35.31 billion yuan ($4.9 billion) in the nine months ending September 30, a significant increase from the 18.47 billion yuan ($2.6 billion) a year earlier. However, losses swelled from 4.9 billion yuan ($692 million) to 5.23 billion yuan ($738 million). Zeekr first filed for its initial public offering in December last year and planned to raise more than $1 billion through the offering. It had initially planned to list as early as the second quarter of this year.
advertisement scroll to continue
In a statement recently issued to Reuters, Zeekr simply stated it has “made a public filing to the SEC and is proceeding with the preparatory work.” A source states the manufacturer aimed to raise at least $500 million in the IPO before putting its plans on hold. It had raised $750 million in February from investors including the chief executive of Mobileye Global and Chinese battery manufacturer CATL.
Read: Zeekr Hires Kimi Raikkonen To Help Make The 1,248-HP 001 FR Faster
Three weeks ago, Zeekr unveiled its latest all-electric vehicle, the 007. The car has a much more conventional exterior design than the firm’s other products and it is expected to be sold with a single electric motor with 204 hp and 258 lb-ft (350 Nm) of torque, enough to send it to 62 mph (100 km/h) in 6.5 seconds.
