On August 24, according to Reuters, Zeekr Motors will open a new round of testing meetings with investors at the end of August, planning to raise about $1 billion in future IPOs.
In August this year, after the release of the financial report in the first half of the year, An Conghui, CEO of Zeekr Intelligent Technology, said that he would continue to closely track the dynamics of the capital market and would choose an appropriate window to choose the opportunity to list.
As early as December 2022, Geely Automobile announced that Zeekr submitted a draft registration statement for a possible IPO to the SEC on December 7 (New York time) in accordance with confidentiality.
However, before the announcement, overseas media reported that Zeekr had applied for an IPO in the United States, but did not disclose the size of the IPO or the listing date.
The IPO valuation of Zeekr is expected to exceed $13 billion. Zeekr originally planned to land on the US stock market in mid-2023, but the plan was forced to "choose the opportunity" to go public because of the low valuation given by the market.
In fact, Geely has always wanted to list on the STAR Board, but in June 2021, Geely withdrew its listing application due to the tightening of the IPO policy on the STAR Board.
As a new energy brand under Geely Automobile, Zeekr Automobile was jointly invested and established by Geely Automobile and Geely Holding Group in March 2021.
In August of the same year, Zeekr Motors announced the completion of a $500 million pre-A round of strategic financing, led by Intel Capital, with the participation of CATL, Bilibili, Hongshang Group and Boyu Investment.
Data show that in July this year, the delivery volume of Zeekr vehicles hit a record high, reaching 12,039 units, a year-on-year increase of 139.7%. In the first seven months, the cumulative sales volume reached 54,672, a year-on-year increase of 127%.
An Conghui has said that this year's Extreme Krypton 001, 009 and Extreme Krypton X are expected to deliver 70,000, 30,000 and more than 40,000 vehicles respectively, ensuring the delivery target of 140,000 vehicles throughout the year, but as of the end of July, the completion rate was only 39%.
Although Extreme Krypton has three models, Extreme Krypton 001, 009 and Extreme Krypton X, it is still the first model Extreme Krypton 001 launched in 2021 that can support the backbone of Extreme Krypton sales.
In fact, Zeekr still has a lot of sales pressure. In early August, Extreme Krypton announced the launch of a price rights policy for Extreme Krypton 001, with a limited price reduction of 30,000-37,000 yuan.
The sudden price reduction has caused rumors that Extreme Krypton 001 may be launched with a facelift, Extreme Krypton 001 is full of stock, and Extreme Krypton cannot be sold on the Internet.
Like most new energy vehicle brands, Zeekr Motors is also in a loss-making state.
According to Geely Automobile's 2022 financial report, Zeekr's revenue in 2022 was 31.78 billion yuan, a tenfold increase year-on-year, but the loss expanded from 1.01 billion yuan in 2021 to 2.03 billion yuan in 2022.
Since its establishment, Geely has mainly relied on Geely Auto blood transfusion, so it has been able to move forward quickly, but the weight-bearing Geely has a sense of strength and cannot be grasped, and Geely's blood cannot be transfused indefinitely.
A few more words
Under the pressure of fierce competition in the new energy vehicle track, having more funding chips can give us more opportunities in the next competition.
If the successful IPO of Zeekr in the United States, it will also be the largest listing of a Chinese company in the United States in the past three years.
In addition, as a high-end smart electric vehicle brand under Geely Automobile, the speed of Zeekr to promote the listing is indeed fast.