Geely’s premium EV maker ZEEKR nabs $750 million in Series A funding

Shanghai (Gasgoo)- ZEEKR Intelligent Technology Co., Ltd. (“ZEEKR”), the premium electric vehicle (EV) manufacturer of Geely Auto Group, today announced the completion of its Series A financing, which bagged for the company $750 million and raised its market valuation to $13 billion.

The fresh round was participated by Professor Amnon Shashua (the founder and CEO of Mobileye), CATL, Yuexiu Industrial Fund, Tongshang Fund, and Quzhou Xin’an Intelligent Manufacturing Fund.

Photo credit: ZEEKR

The proceeds from the new financing will be mainly used for the R&D of products and technologies, the development of global businesses, and the improvement of user experience.

ZEEKR said the five investors all boast abundant industrial resources, especially in such fields as intelligent driving, power battery, innovative materials, and high-end equipment manufacturing. For instance, CATL is a long-term strategic partner of ZEEKR, and its further investment has deepened both parties’ cooperation. Yuexiu Industrial Fund, Tongshang Fund, and Quzhou Xin’an Intelligent Manufacturing Fund will assist ZEEKR with integration of industrial resources.

ZEEKR currently has two production models available for sale, namely, the ZEEKR 001 and the ZEEKR 009. As of Jan. 31, 2023, the EV maker had cumulatively delivered 81,064 vehicles in total, with the average order value of the ZEEKR 001 and 009 amounting to 336,000 yuan ($49,240) and 527,000 yuan ($77,230), respectively.

ZEEKR plans to roll out two all-new models in 2023, aiming to double its annual deliveries this year.

Moreover, ZEEKR attempts to make foray into the European market in 2023.