Chinese Electric Vehicles Maker Zeekr Debuts In U.S

Zeekr's shares surged nearly 35% above their IPO price on May, 10th, marking a strong debut for the China-based electric vehicle maker in the U.S. market.

The company completed its U.S. IPO as it aims to distinguish itself among a crowded field of Chinese electric vehicle manufacturers vying for a larger share of the European market.

Zeekr is the premium brand of the Chinese automaker Geely, which also owns Sweden's Volvo Cars and the UK's Lotus. It was established in 2021 to cater to the increasing demand for premium models in China. Zeekr has delivered nearly 200,000 cars, mostly in China, according to its IPO filing.

Zeekr 001 was the brand's first car, and the new 2024 Zeekr 001 has to become the fastest-charging EV, at least in terms of peak power rate. The brand currently sells four models: Zeekr 001, Zeekr 007, Zeekr 009(MPV), and Zeekr X(SUV). In addition to China, the brand is already selling in Europe and is expanding into other markets, including the Middle East and Southeast Asia.

Fierce competition among domestic Chinese EV makers and Tesla has diminished profits, prompting them to seek expansion in other markets.

Chinese automakers BYD, SAIC, and Great Wall Motor are all aiming for the European market by introducing electric models. They are looking to compete with traditional European automakers in their own territory. Chinese electric vehicle sales in Europe have seen significant growth in recent years.