Geely wants to spin off its premium EV brand Zeekr

31 October 2022

Chinese car making giant Geely launched its new premium brand for EVs back in 2021. Zeekr has, in the meantime, launched the 001, selling around 45,000 of them already, in less than a year. The brand is also getting ready to finally start deliveries of the 009, which is being officially launched tomorrow.

Earlier today, Zeekr parent company Geely announced that it wants to spin off the premium sub-brand and roll it into its own independent company, that would then be listed on the Hong Kong Stock Exchange (HKEX). The exchange has confirmed that Geely's plan is viable, but there are a lot of details which have still not been ironed out.

For its part, Zeekr responded saying that it will disclose all necessary information in a timely manner and will adhere to all the relevant laws and regulations. Zeekr wants to sell 70,000 vehicles this year, and the management team is committed to that goal above all else, even while undertaking the spinoff at the same time.

Since its founding, Zeekr has completed two financing rounds, with companies such as Intel Capital, CATL, Bilibili, Cathay Fortune Group, and Boyu Capital involved in the August 2021 round which netted a total of $500 million. It's unclear how much money Geely wants to get from Zeekr's initial public offering (IPO) on the HKEX, but we wouldn't be surprised at all if the number is in the billions of dollars.

Via