China’s EV ‘Zeekr’ Tops Xpeng in Market Value

Zeekr, a 2021-established electric car company backed by Geely said that it is now valued at $13 billion after a $750 million raise from CATL, the big Chinese battery and others.

This value of $13 billion is worth more on paper than Xpeng, a leading Chinese electric vehicle manufacturer, which was valued at $8.01 billion, according to data cited from Refinitiv Eikon on Monday.

Zeekr is not publicly listed right now, but in December it filed for an initial offering in the United States, according to Geely.

The new investors in Zeekr included Amnon Shashua, the co-founder and CEO of Mobileye, the self-driving tech company included CATL and three state affiliated funds also participated in the latest round of fundraising. Zeekr intends to use the funds for a plan to enter the European market this year.

In terms of sales, Zeekr was the fourth-largest manufacturer in China in 2022, producing the electric vehicle passenger car. It was behind Tesla in third place, according to data from the China Passenger Car Association.