Chinese carmaker Geely’s electric vehicle (EV) brand Zeekr, announced on Friday that it raised $500 million from investors in its first round of external funding, reports Reuters. Investors included chip company Intel Capital, battery maker CATL and Bilibili, an online entertainment company.
Led by Chief Executive Andy An, who is also Geely’s president, Zeekr said investors would jointly hold a 5.6% stake in the company, valuing it around $9 billion. Chief financial officer Yuan Jing told reporters that Zeekr does not currently have a clear plan for its initial public offering.
The company makes the Zeekr 001 model in the eastern city of Ningbo and is expected to start delivering them later this year. It aims to sell 650,000 vehicles a year by 2025.