Zeekr, a prominent Chinese electric vehicle (EV) maker, made a stellar debut in the US market as its shares surged nearly 35% above its initial public offering (IPO) price. This impressive start signals a strong entry for the electric vehicle manufacturer and marks the first major US market debut by a Chinese company since 2021.
With its successful US flotation, Zeekr aims to distinguish itself in the competitive landscape of Chinese EV makers vying for a larger share of the European market. Despite facing challenges such as the Biden administration’s plans to increase tariffs on Chinese vehicle imports to the US, Zeekr managed to achieve a fully diluted valuation of USD 6.8 billion.
Zeekr, the premium brand under Chinese automaker Geely, has been strategically positioned to tap into the growing demand for premium EV models in China. Since its inception in 2021, the company has delivered nearly 200,000 cars, primarily in the Chinese market. Conghui An, CEO of Zeekr and president of Geely, emphasized the brand’s global ambitions, stating, “The capital markets in New York are very favorable for new energy vehicles. Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities.”
Amidst fierce competition in the Chinese EV market, Zeekr has set its sights on expanding into other regions, particularly Europe, where demand for electric vehicles has been steadily increasing. The company aims to emulate the success of the Volkswagen Group in the era of new energy vehicles, focusing on the premium segment of the market.
As Chinese automakers intensify their efforts to penetrate the European market and compete with established players, Zeekr’s strong debut in the US reflects its determination to establish itself as a leading player in the global EV industry.