Zeekr, a rival to Tesla and Nio, currently has two models, the Zeekr 001 and Zeekr 009, with a third, the Zeekr X, set for launch later this year.
The premium automaker sold nearly 72,000 cars last year and aims to double that in 2023 with a global expansion, one that seeks to tap the European market, funded by its latest cash injection.
“The Series-A fundraising is a vote of confidence in the growth prospects and strong future of Zeekr, which becomes the latest brand in the Geely Holding portfolio to secure a strong valuation,” said Daniel Donghui Li, chief executive of Geely Holding Group.
The latest investors in Hangzhou-based Zeekr include CATL, or Contemporary Amperex Technology, the biggest supplier of EV batteries globally.
Also invested was Amnon Shashua, head of Israeli autonomous driving technology company Mobileye; the Yuexiu Industrial Fund, the Guangzhou municipal government’s investment arm; the Tongshang Fund and the Xin’an Intelligent Manufacturing Fund.
“This is a huge bet and a stamp of approval,” said Xing Lei, co-host of the China EVs and More Podcast. “Given that Intel Capital has also invested in Zeekr before, I think together with Mobileye they provide a ‘cover fire’ for Zeekr’s forthcoming US initial public offering.”
Zeekr, launched by Geely in 2021, filed for a US listing with plans to raise more than US$1 billion, Reuters reported in December.
CATL, China’s top battery producer, last year struck a five-year strategic partnership with Zeekr to power its cars with 1,000km range batteries.
Outside China, Zeekr has a research and development facility in Gothenburg, Sweden.
Germany and the Netherlands are among the markets that Zeekr is likely to target, according to auto analyst Lei, mirroring similar moves by Chinese-Swedish brand Lynk & Co and Chinese EV startups such as Nio and Xpeng.
Last year, China led global sales of EVs by shifting 6.88 million units, including hybrids and plug-in models, with Warren Buffett-backed BYD and Tesla among the market leaders.
China has sought to challenge a global footprint dominated by European and Japanese automakers in recent years, exporting 3.11 million vehicles overseas in 2022, a 54% jump from a year earlier.