Geely's EV brand ZEEKR to raise $500 million from five external investors

Shanghai (Gasgoo)- ZEEKR Intelligent Technology, a high-end EV company launched this year by Geely, signed an agreement on August 27 to issue and allot to five investors a total of 126,470,585 Series Pre-A Preferred Shares, at a consideration of $500 million, according to an announcement of Geely Automobile Holdings Limited (Geely Auto).

Photo credit: ZEEKR

Those investors, who are all independent third parties, include Intel Capital Corporation, CATL, Cathay Fortune Corporation, Bilibili, and Boyu Capital. Notably, Bilibili is an iconic brand and a leading video community for young generations in China.

The shares to be sold will represent roughly 5.6% of the enlarged issued share capital of ZEEKR Intelligent Technology.

According to Geely Auto's announcement, ZEEKR Intelligent Technology and its subsidiaries mainly engage in the businesses related to design, R&D, sales, and after-sale services of new energy vehicles manufactured and marketed under the ZEEKR brand.

The newly-agreed external fundraising will be conducive to improving the market image and future prospects of ZEEKR Intelligent Technology, said Geely Auto. This is the first step for ZEEKR to build an ecosystem where all participants’ interests are aligned and open doors for more strategic cooperation among ZEEKR and its partners.

Moreover, the latest investment represents an opportunity for ZEEKR Intelligent Technology to raise more funds, while widening ZEEKR's investor base for expansion and development of its EV business.

The first ZEEKR-branded production model, the ZEEKR 001, hit the market in mid-April this year. Its 2021 orders have already been booked out, said Geely Auto.

ZEEKR plans to launch 6 all-new models over the next three year and is ambitious to achieve a sale target of 650,000 per year by 2025.