Geely’s EV brand Zeker raises $750M with five new and existing investors

The Geely Zeker brand has raised $750 million in funding at a valuation of $13 billion. It is from five new and existing investors. Zeker only sells electric car models, and proceeds from the sponsorship are used for the brand’s technology research and international expansion.

The investors include Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global – a majority stake in Intel Corp. and Guangzhou Municipal Government’s investment arm UACU Industrial Fund, both new investors in the company. The new $13 billion valuation makes Zikr even more valuable on paper ExpIt had a market value of $8.01 billion, according to Refinitiv Eikon data available Monday. Neo And Lee Auto They are more valuable, with a market value of $17.22 billion and $25.22 billion, respectively, according to the data. The new investors include Amnon Shashua, founder and CEO of a self-driving technology company, Zakir said. My mobile. The company did not immediately respond to a request for comment.

Modern Amperex Technology (CATL) And three government-linked funds also participated in the latest funding round, according to a press release. Zikr said it intends to use the funds for technology development and plans to enter the European market this year.

Remember EVs

Geely will launch the Zeker electric vehicle brand in 2021. The company began deliveries of the Zeker 001 coupe in October and says it has delivered more than 80,000 units since then. The Zeekr 001 is priced between 300,000 yuan ($43,915) and 386,000 yuan. For a rough comparison, the Tesla Model Y starts at 261,900 yuan. The company said that the Zykr 009, a very large and boxy multi-purpose vehicle, started shipping in January. Prices start at 499,000 yuan. In the year In 2010, China-based Geely acquired Swedish automobile brand Volvo, formerly owned by Ford Motor.