The carmaker initially intended to go public last year, but paused these plans in November
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by Brad Anderson
4 hours ago
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- The IPO aims to fuel Zeekr’s growth in China and international markets like Australia, targeting 230,000 vehicle deliveries in 2024 (double 2023).
- This revised goal comes after previous hopes of raising $1 billion and securing a $13 billion valuation in private investments earlier this year.
- Zeekr recently unveiled an upgraded 001 electric car with faster charging and a new electric minivan competitor to the VW ID.Buzz.
Chinese carmaker Zeekr has recommenced plans to go public in the hope that it can raise as much as $500 million. The company was planning an IPO last year but paused these plans in November, citing a mismatch in valuation expectations between investors and the firm.
Two unidentified sources have revealed that Zeekr is holding a non-deal roadshow with potential investors before its planned New York IPO. In a statement, Zeekr confirmed that it has made a public filing to the SEC “and is proceeding with the preparatory work.”
Read: Updated Zeekr 001 Is Cheaper, Adds Range, And Gets More Power
Reuters notes that Zeekr had previously hoped to raise as much as $1 billion through an IPO in the U.S. In February, it secured $750 million in private investments from Chinese battery manufacturer CATL and the chief executive of Mobileye Global, Amnon Shashua, giving the carmaker a valuation of $13 billion.
Zeekr is seeking to continue its growth across China while expanding into new markets, including Australia where it will launch later this year. It hopes to deliver 230,000 vehicles in 2024, double the number of BEVs it sold in 2023.
Six Chinese companies have gone public in the U.S. during the first quarter of 2024, raising a combined $46.9 million.
Over the past five weeks, Zeekr has unveiled a new-and-improved version of the 001 and unveiled an all-new electric minivan to rival the VW ID.Buzz dubbed the Mix. The new 001 is underpinned by an 800-volt architecture and is equipped with a standard LFP battery that can charge from 10-80% in just 11.5 minutes. A larger NMC battery pack that can charge from 10-80% in 15 minutes is also available.
Rear-wheel drive versions of the updated 001 rock a 416 hp electric motor while all-wheel drive versions also get 362 hp from a second electric motor at the front axle. The flagship performance can sprint to 62 mph (100 km/h) in just 3.3 seconds.
