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Chinese language EV maker Zeekr costs IPO at $21, on the high finish of vary, stories say

A Zeekr 001 electrical car (EV) by Geely is seen displayed on the Zeekr sales space throughout a media day for the Auto Shanghai present in Shanghai, China April 19, 2021.

Aly Tune | Reuters

Chinese language electrical car maker Zeekr priced its preliminary public providing at $21 a share Thursday, on the high finish of its vary, in line with information stories.

The corporate will promote 21 million American depository shares to boost $441 million when it begins buying and selling on the New York Inventory Change on Friday underneath the ticker ZK, Reuters and Bloomberg Information reported, citing sources acquainted. The providing sits on the high of Zeekr’s anticipated vary of $18 to $21 a share, revealed in an F-1 filing with the Securities and Change Fee earlier this month.

Zeekr, which is backed by Chinese language-based automotive group Geely, presents a number of luxurious car fashions, together with an upscale sedan it started delivering in January. Geely may have greater than 50% of the corporate’s voting energy after the IPO is full.

“By growing and providing next-generation premium BEVs and technology-driven options, we aspire to guide the electrification, intelligentization and innovation of the auto business,” the corporate stated in its SEC submitting.

Zeekr might pose massive competitors for Tesla, which it reportedly outpaced in automobile gross sales within the province of Zhejiang, China, throughout the first three weeks of April. The province is the place its father or mother firm is predicated.

“Our gross sales hole with Tesla retains on narrowing,” Zeekr CEO Andy An told CNBC in an interview final month translated from Mandarin. He stated the corporate plans to increase in Europe and Latin America this yr, and it already sells autos in Sweden and the Netherlands.

In response to the regulatory submitting, Zeekr posted $7.28 billion in income for 2023 and a lack of $1.16 billion. The corporate additionally stated it delivered 16,089 models in April.

Zeekr has stated it plans to make use of the proceeds from the providing to develop extra superior battery electrical car applied sciences. Funds may even be used for promoting and advertising functions, equivalent to rising its charging, together with basic company wants.

Underwriters of the deal embody Goldman Sachs, Morgan Stanley, Merrill Lynch and China Worldwide Capital.

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