Chinese EV brand Zeekr is now worth more than Xpeng

BEIJING — Geely-backed electrical car marque Zeekr said Monday it's present valued astatine $13 cardinal aft a $750 cardinal rise from Chinese artillery elephantine CATL and others.

Zeekr is not yet publically listed, but Geely said successful December the marque filed confidentially for an archetypal nationalist offering successful the U.S.

The caller $13 cardinal valuation makes Zeekr worthy much connected insubstantial than Xpeng, which had a marketplace worth of $8.01 billion, according to Refinitiv Eikon information accessed Monday.

Nio and Li Auto are worthy overmuch more, with marketplace valuations of $17.22 cardinal and $25.22 billion, respectively, the information showed.

Zeekr said its caller investors see Amnon Shashua — co-founder and CEO of self-driving tech institution Mobileye. The institution did not instantly respond to a petition for comment.

Contemporary Amperex Technology (CATL) and 3 state-affiliated funds besides participated successful the latest backing round, according to a property release.

Zeekr said it intends to usage the funds for tech improvement — and plans to participate the European marketplace this year.

Geely established the Zeekr electrical conveyance marque successful 2021. The institution began delivering its Zeekr 001 coupe that October, and claims to person delivered much than 80,000 units since.

The Zeekr 001 is priced betwixt 300,000 yuan ($43,915) and 386,000 yuan. For unsmooth comparison, Tesla's Model Y starts astatine 261,900 yuan.

The overmuch larger and boxy multi-purpose conveyance Zeekr 009 began deliveries successful January, the institution said. Prices commencement astatine 499,000 yuan.

In 2010, China-based Geely acquired Swedish car marque Volvo, which antecedently belonged to Ford Motor.

By income successful China, Geely was the fourth-largest shaper of caller vigor conveyance rider cars successful 2022, down Tesla China, which was successful 3rd place, according to the China Passenger Car Association.