Zeekr, the electric vehicle brand by Geely, said on Friday it raised $500 million in its first external funding from investors including Intel (NASDAQ:INTC) Capital, battery maker CATL, and online entertainment firm Bilibili (NASDAQ:BILI). 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.
Investors also included Cathay Fortune Corporation, which invests in mining companies, and private-equity firm Boyu Capital that additionally signed long-term investment partnerships with Zeekr, the carmaker said in a statement.
