Chinese Electric Vehicle Maker ‘Zeekr’ Holds IPO In New York

May 10, 2024

39 1 minute read

<br /> Baystreet.ca – Chinese Electric Vehicle Maker ‘Zeekr’ Holds IPO In New York <br />

Chinese electric vehicle (EV) maker Zeekr is holding its initial public offering (IPO) on the New York Stock Exchange today (May 10).

The start-up company has priced its stock offering at $21 U.S. a share, the top end of an $18 U.S. to $21 U.S. range.

Zeekr will begin trading in New York this morning under the ticker symbol “ZK.” The company is selling 21 million shares, which will raise $441 million U.S. in capital.

Zeekr is backed by Chinese-based automotive group Geely and makes luxury electric vehicles, including an upscale sedan that it started selling earlier this year.

Geely will control more than 50% of the company’s voting power once the IPO is completed.

Zeekr is expected to become a main competitor of Tesla (TSLA) and the luxury EV market within China.

According to regulatory filings ahead of the IPO, Zeekr had $7.28 billion U.S. in revenue during 2023 and a loss of $1.16 billion U.S. The company delivered 16,089 vehicles in April of this year.

Zeekr has said it plans to use the proceeds from its IPO to develop more advanced battery electric vehicle technologies.

Zeekr is the latest in a series of Chinese electric vehicle makers to list shares in the U.S., following competitors such as Nio (NIO) and Li Auto (LI).