Chinese battery electric vehicle (BEV) manufacturer Zhejiang Zeekr Intelligent Technology (Zeekr) saw its share price surge 38% on its first day of trading on the New York Stock Exchange on Friday, as global investors increase exposure to China’s fast-growing BEV sector.
Zeekr was established in 2021 by Chinese automaker Zhejiang Geely Holding to spearhead its growth in the premium zero emission vehicle market. The brand sold 49,000 BEVs in the first four months of 2024, almost double the volume sold in the same period of last year, taking cumulative sales since it started operations to 246,000 units.
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Zeekr 2023 sales rose 65% to 119,000 vehicles with revenue rising by 63% to US$7.3bn. The company aims to more than double its sales this year to 250,000 units. It currently has five models on sale with a sixth to follow later this year.
Zeekr’s share price exceeded US$29 on its first day of trading, up from its initial public offering (IPO) price of $21, before falling back to just over $28 later in the session, valuing the company at around US$64bn.
The company raised US$441m from the IPO which its planned to use to step up overseas expansion.
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By GlobalData
