Chinese EV maker Zeekr, owned by Geely, secures US$750 million in funding from CATL, Mobileye Global founder
- Zeekr, which has two new cars slated for introduction this year, aims to use the funding to support technology research and global expansion
- Investors in the funding round include government-linked funds and Amnon Shashua, CEO and founder of Mobileye Global
Zeekr’s parent company Zhejiang Geely Holding Group said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand.
“The successful signing of the second external funding round represents a significant vote of confidence as Zeekr develops proprietary technologies built around safety, sustainability, user-experience, and new mobility services,” the company said in an announcement.
“It is a good timing window to raise money, as the market sentiment is boosted by China reopening,” said Phate Zhang, founder of Shanghai-based EV news site CnEVpost. “We see more EV companies making similar moves.”
Last year, Zeekr delivered 71,941 cars, with over 10,000 units delivered per month in the fourth quarter.
In comparison, Tesla, the distant front-runner in the mainland’s premium EV segment, delivers some 50,000 units per month.
Xpeng, Nio and Li Auto are snapping at Tesla’s heels as a combined force, each normally posting monthly deliveries of more than 10,000 units.
Deliveries of the Zeekr 009, a multipurpose vehicle (MPV), started last month, and later this year Zeekr plans to launch two new models including Zeekr X, a premium urban SUV.
“For EV companies, particularly new ones, financing demand will be quite large this year, as we are seeing more fierce competition and tasks to keep launching new models,” Zhang said.