Chinese EV brand Zeekr is now worth more than Xpeng

BEIJING — Geely-backed electric car brand Zeekr said Monday it’s now valued at $13 billion after a $750 million raise from Chinese battery giant CATL and others.

Zeekr is not yet publicly listed, but Geely said in December the brand filed confidentially for an initial public offering in the U.S.

The new $13 billion valuation makes Zeekr worth more on paper than Xpeng, which had a market value of $8.01 billion, according to Refinitiv Eikon data accessed Monday.

Nio and Li Auto are worth much more, with market valuations of $17.22 billion and $25.22 billion, respectively, the data showed.

Zeekr said its new investors include Amnon Shashua — co-founder and CEO of self-driving tech company Mobileye. The company did not immediately respond to a request for comment.

Contemporary Amperex Technology (CATL) and three state-affiliated funds also participated in the latest funding round, according to a press release.

Zeekr said it intends to use the funds for tech development — and plans to enter the European market this year.

Geely established the Zeekr electric vehicle brand in 2021. The company began delivering its Zeekr 001 coupe that October, and claims to have delivered more than 80,000 units since.

The Zeekr 001 is priced between 300,000 yuan ($43,915) and 386,000 yuan. For rough comparison, Tesla’s Model Y starts at 261,900 yuan.

The much larger and boxy multi-purpose vehicle Zeekr 009 began deliveries in January, the company said. Prices start at 499,000 yuan.

In 2010, China-based Geely acquired Swedish auto brand Volvo, which previously belonged to Ford Motor.

By sales in China, Geely was the fourth-largest manufacturer of new energy vehicle passenger cars in 2022, behind Tesla China, which was in third place, according to the China Passenger Car Association.