Hyperdrive
Chinese EV Maker Zeekr Heads for US Listing at Reduced Valuation
- Company is poised to be valued around $5.2 billion in debut
- Carmaker raised funds at $13 billion valuation early last year
A Geely Automobile Holdings Ltd. Zeekr 001 electric vehicle during the Beijing Auto Show.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
When Chinese electric-vehicle maker Zeekr lists in the US on Friday, it will be at a valuation of around $5.2 billion, less than half the $13 billion valuation announced following a funding round early last year.
The precipitous change in fortunes has surprised even the company’s top management. In November, when Zeekr first tried to come to market, Chief Executive Officer Andy An was disappointed when bankers suggested a valuation of between $8 billion and $9 billion, according to people familiar with the discussions.