Zeekr, the premium electrical automobile model underneath China’s Geely, stated Tuesday it has confidentially filed for a U.S. preliminary public providing. If it goes by, it’ll be the primary main Chinese language itemizing within the nation in practically two years, following China’s effective ban of foreign IPOs.
Zeekr filed final week with regulators, however didn’t present any particulars just like the variety of shares to be supplied, the worth vary or itemizing date. Reuters reported that Zeekr, which will likely be spun out from Geely, goals to lift greater than $1 billion by its debut and is looking for a valuation of greater than $10 billion, citing sources with direct data of the matter.
The submitting comes a couple of weeks after Zeekr held a joint occasion with autonomous automobile firm Waymo in Los Angeles to indicate off its Autonomous Mobility Platform, an electrical minivan-type automobile that’s constructed with Waymo’s AV stack for future robotaxi and logistics operations. Waymo and Zeekr first introduced their partnership to co-develop a purpose-built AV a yr in the past.
Zeekr has also partnered with Mobileye, an organization creating superior driver help techniques and AV expertise, to construct an all-electric autonomous automobile for customers. Whereas these automobiles are being developed for the Chinese language market, it’s clear Zeekr is pursuing a twin path to commercialization and world enlargement — one which entails partnering with AV corporations whereas additionally producing its personal luxurious EV mannequin.
The EV-maker counts Tesla and Chinese language peer Nio as opponents, and is at the moment advertising and marketing its 001 crossover, its flagship and solely mannequin, in Europe subsequent yr.
Zeekr’s submitting comes a couple of months after Washington and Beijing struck a deal that lowers the probability of delisting for greater than 200 Chinese language corporations listed on New York exchanges by permitting American officers to evaluation audit paperwork of Chinese language companies that commerce within the U.S.