Investors additionally included Cathay Fortune Corporation, which invests in mining firms, and private-equity agency Boyu Capital that has signed a long-term funding partnership with Zicker, the carmaker stated in an announcement.
see picturesZeekr is collectively owned by Geely Automobile and its father or mother, Zhejiang Geely Holding Group.
Geek’s electrical car model Zeekr stated on Friday it raised $500 million in its first exterior funding from buyers together with Intel Capital, battery maker CATL and on-line leisure agency Bilibili. Led by chief government Andy Ann, who can be Geely’s chairman, Zicker stated buyers would collectively maintain a 5.6% stake within the firm, which might be valued at about $9 billion. Chief Financial Officer Yuan Jing informed reporters that Zicker has no clear plans for its preliminary public providing.
The firm manufactures the Zeekr 001 mannequin within the jap metropolis of Ningbo and is anticipated to begin deliveries later this 12 months. It goals to promote 650,000 automobiles yearly by 2025.
Investors additionally included Cathay Fortune Corporation, which invests in mining firms, and private-equity agency Boyu Capital that has signed a long-term funding partnership with Zicker, the carmaker stated in an announcement.
Read additionally: China warns of jelly chip shortages, however annual car gross sales goal
Geely Automobiles launched Zicker in March this 12 months to tackle EV firms together with Tesla Inc and Neo Inc.
Zeekr, which targets younger and classy clients, is collectively owned by Geely Automobile and its father or mother, Zhejiang Geely Holding Group.
It added that the businesses are anticipated to contribute experience in clever connectivity, batteries, younger shopper markets and uncooked supplies.
Car firms globally are working with extra tech firms, battery makers and mining corporations to develop future merchandise and safe provides of elements amid the shift to electrical automobiles (EVs).
Zhejiang Geely Holding Group, which owns Volvo Cars and a 9.7% stake in Daimler AG, and Geely Automobiles launched Zeekr in March of this 12 months to compete with EV firms together with Tesla Inc. and Neo Inc. They collectively invested 2 billion yuan ($308.4 million). ) within the first model.
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Zeekr, like different international automakers, is making an attempt to safe extra chips for use in its automobiles so as to improve manufacturing. Its government stated in June that this 12 months’s deliveries have been over. It additionally has different electrical car manufacturers together with mass-market Geometry, whose gross sales have grown up to now months, and the premium Polestar.
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With inputs from NDTV
