Chinese EV brand Zeekr is now worth more than Xpeng

Pictured listed here is a Zeekr electrical car or truck charging station in Dongguan, Guangdong province of China, on Nov. 14, 2022.

Vcg | Visible China Team | Getty Photos

BEIJING — Geely-backed electric powered auto model Zeekr reported Monday it really is now valued at $13 billion soon after a $750 million increase from Chinese battery large CATL and other individuals.

Zeekr is not nonetheless publicly shown, but Geely stated in December the manufacturer filed confidentially for an first public presenting in the U.S.

The new $13 billion valuation tends to make Zeekr worth much more on paper than Xpeng, which experienced a marketplace benefit of $8.01 billion, according to Refinitiv Eikon information accessed Monday.

Nio and Li Auto are worth much much more, with industry valuations of $17.22 billion and $25.22 billion, respectively, the knowledge confirmed.

Zeekr stated its new traders include things like Amnon Shashua — co-founder and CEO of self-driving tech corporation Mobileye. The enterprise did not immediately reply to a ask for for remark.

Modern day Amperex Technologies (CATL) and 3 condition-affiliated cash also participated in the newest funding spherical, according to a push launch.

Zeekr claimed it intends to use the money for tech improvement — and plans to enter the European industry this year.

Geely set up the Zeekr electrical auto model in 2021. The enterprise commenced offering its Zeekr 001 coupe that Oct, and statements to have shipped additional than 80,000 units because.

The Zeekr 001 is priced in between 300,000 yuan ($43,915) and 386,000 yuan. For tough comparison, Tesla’s Design Y commences at 261,900 yuan.

The substantially bigger and boxy multi-purpose auto Zeekr 009 began deliveries in January, the business mentioned. Rates start off at 499,000 yuan.

In 2010, China-primarily based Geely acquired Swedish automobile brand name Volvo, which previously belonged to Ford Motor.

By revenue in China, Geely was the fourth-greatest company of new power motor vehicle passenger automobiles in 2022, powering Tesla China, which was in third location, according to the China Passenger Car or truck Association.

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