Zeekr’s U.S. IPO Journey Hits Pause Amid Market Volatility

A Shift in Strategy for Zeekr

Zeekr, Geely’s premium electric vehicle (EV) brand, has recently put its U.S. initial public offering (IPO) on hold. This move 据报道 stems from a valuation mismatch and ongoing global financial market volatility, as per sources familiar with the matter.

Valuation Challenges and Market Conditions

Initially aiming for a $13 billion valuation, matching its February private fundraising, Zeekr encountered differing opinions during informal investor talks since late August. Potential investors valued the two-year-old firm below the sought IPO figure, influenced by weak market sentiment and Zeekr’s expanding operational losses. Despite its rapid revenue growth to 35.31 billion yuan ($4.9 billion) in nine months, operational losses widened to 5.23 billion yuan.

The EV Market Landscape

The decision comes amidst a turbulent period for EV stocks, with some of Zeekr’s listed peers like Nio experiencing share price fluctuations. A price war in China’s EV market has pressured profitability, prompting companies to focus on cost-cutting and strategic partnerships.

Zeekr’s IPO Plans and Achievements

Zeekr, established in 2021 to cater to China’s rising demand for premium EVs, confidentially filed for its IPO in December, targeting over $1 billion and a New York public listing as early as Q2 this year. However, the company has now adjusted its fundraising goal to a minimum of $500 million before putting the IPO process on hold.

Funding and Expansion

In February, Zeekr raised $750 million from investors, including Mobileye Global’s CEO Amnon Shashua and Chinese battery giant CATL. The company offers four EV models in China, with plans to expand into international markets like Germany, Israel, Kazakhstan, the Netherlands, and Sweden.

A Strategic Pause Amidst Global Uncertainty

Zeekr’s IPO delay reflects the challenges facing new entrants in the volatile EV market. As the brand evaluates its next steps, its focus remains on balancing growth ambitions with the realities of the global financial landscape.


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Haye Kesteloo
Haye Kesteloo

Haye Kesteloo 是以下网站的创始人和主编 EVXL.co他在该网站报道所有与电动汽车相关的新闻,涉及的品牌包括特斯拉、福特、通用、宝马、日产等。他在无人机新闻网站 DroneXL.co.您可以通过以下方式联系 Haye:haye @ evxl.co 或 @hayekesteloo.

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