Chinese EV brand Zeekr overtakes Xpeng in valuation with $750 million funding round

Zeekr, the Chinese EV brand backed by Geely, has revealed its new valuation after a $750 million cash injection. It is now worth $13 billion, significantly more than local rival Xpeng, with an $8.01 billion valuation.

Zeekr is not publicly listed yet, but its parent company revealed it had confidentially filed for an IPO in the US last December.

The brand, however, is still behind other Chinese, including Nio and Li Auto, with $17.22 billion and $25.22 billion valuations, respectively. BYD is valued at $109 billion.

The latest investors in Zeekr include Chinese battery giant CATL and Amnon Shashua, the co-founder and CEO of Mobileye, an autonomous driving company. The two investors are joined by state-affiliated funds, reports CNBC.

Zeekr will spend the cash on tech development and penetrating the European market in 2023. It will compete with Nio and Xpeng, two Chinese EV companies that have expanded to the continent already.

The brand began operating in 2021, with the delivery of its Zeekr 001 starting in October. More than 80,000 units have been sold so far.

The Zeekr 001 starts from 300,000 yuan ($43,915), compared to the Tesla Model Y, which starts at 261,000 yuan after the New Year price cuts.

The more-expensive boxy Zeekr 009 starts at 499,000 yuan, with deliveries beginning in January.

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