EV Maker Zeekr Advances Toward US IPO Amid Intense Competition and Chinese Government Influence Concerns

Geely Chairman Eric Li expected to add further $1.7 billion to his fortune with Zeekr's possible US IPO, despite concerns of Beijing's significant influence over its business and ongoing fierce competition in the EV market.

Geely’s premium electric vehicle unit, Zeekr Intelligent Technology, is moving closer to its IPO in New York. Eric Li, the chairman of Geely Automobile Holdings, is expected to add another $1.7 billion to his wealth due to his 13.2% stake in Zeekr.
Despite strong competition in the EV sector, Zeekr aims to tap into investor enthusiasm with its lineup of models including the Zeekr 001 hatchback, Zeekr 009 MPV and Zeekr X SUV.
In the first half of 2023, Zeekr’s revenues more than doubled but losses also increased, reaching $534 million from $423 million a year earlier. However, the company's deliveries showed an upward trajectory with 13,077 units delivered in October.
Zeekr plans to expand its market presence outside mainland China, targeting markets in Hong Kong, Macau, and Europe. The company, however, acknowledged the 'significant challenges' as a new market entrant facing intense competition.
While Zeekr prepares for its US IPO, concerns persist over the Chinese government's influence over its business. The company has stated that the government may intervene in operations, potentially affecting the value of its securities.

Electrek

Forbes

South China Morning Post