Chinese smart EV maker ZEEKR files for US IPO

Shanghai (Gasgoo)- ZEEKR Intelligent Technology Holding Limited ("ZEEKR") made a significant move on November 10, 2023, by publicly filing its IPO (initial public offering) prospectus with the U.S. Securities and Exchange Commission. The company's intention is to list its shares on the New York Stock Exchange, with the ticker symbol "ZK."

Established in March 2021, ZEEKR has achieved this milestone in under three years. If successful, it will be the fourth Chinese intelligent automobile maker to go public in the United States, following in the footsteps of XPeng, Li Auto, and NIO.

ZEEKR X; photo credit: ZEEKR 

According to Geely Automobile Holding's financial report for the first half of 2023, ZEEKR recorded remarkable figures. Its revenue for this period stood at 21.27 billion yuan, marking an impressive 136% year-on-year spike. Of this, revenue from vehicle sales reached 13.175 billion yuan, showing an exceptional surge of 148.75% year-on-year. Notably, ZEEKR achieved a gross profit margin of 12.3% in the first half of 2023, marking a growth of 7.6 percentage point growth from a year earlier. Of Geely Automobile's total first-half revenue of 73.18 billion yuan, ZEEKR contributed 29% of the overall revenue, playing a pivotal role in bolstering the group's performance.

In terms of vehicle deliveries, ZEEKR recorded a substantial increase as well, with 42,633 units delivered during the first half of 2023, reflecting a remarkable 124% year-on-year hike. By the end of October 2023, its cumulative delivery figure reached 79,000 units, with monthly deliveries experiencing continuous year-on-year growth for nine consecutive months. Notably, the average order value for the ZEEKR 001 model surpassed 336,000 yuan.

While there is still some ground to cover to reach its annual target of 140,000 units, ZEEKR remains optimistic about domestic sales in the fourth quarter and plans to boost its presence in international markets, starting in November. As a result, the company is steadfast in its commitment to achieving its annual sales goal of 140,000 vehicles.