Geely-owned Chinese electric vehicle maker Zeekr reportedly files $1 billion U.S. IPO

Zeekr EV store.  Electric car brand owned by Geely

Robert Way/iStock Editorial via Getty Images

Chinese electric vehicle maker Zeekr, a unit of auto giant Geely, has reportedly confidentially filed an initial public offering in the United States that could seek to raise more than $1 billion.

IPO filing comes like Zeekr is preparing to enter the European electric vehicle market. The Geely unit was reportedly valued at around $9 billion in a funding round last year, according to Reuterswho quoted anonymous sources familiar with the matter.

Zeekr would be the latest Chinese electric vehicle maker to enter the US market, joining NIO (NIO), Li Auto (LI), BYD (OTCPK: BYDDF) and Xpeng (XPEV). US-based Telsa (TSLA) also has a significant presence in the Chinese market.

Another Geely EV unit, Polestar (PSNY), went public in June through a merger deal with SPAC Gore Guggenheim that enhanced the combined company about $20 billion.

Vietnamese electric vehicle manufacturer Vinfast (VFS) too recently filed for registration in the United States.

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