Zeekr, China's Geely's EV brand, has raised $750 million from five new and existing investors, as reported by Reuters.
In a statement on Monday, Zeekr says that the funding will be used to support technology research and the global expansion of their brand.
The investors include Mobileye Global and Yuexiu Industrial Fund. Supporters of the funding round also include CATL, a Chinese battery maker.
More EVs Coming Soon
The automaker has two purely EVs today, and recently, the Zeekr X, formerly known as Zeekr 003, was unveiled. This is the third EV of the brand, and it looks different than the rest.
The Zeekr X features a cool design-a high beltline, frameless doors, hidden door handles, shiny black wheel arches, and a two-tone body. It is based on Geely's SEA platform.
When it comes to its size, it is similar to the Volvo XC30. It is also expected to get the same power trains.
What makes the Zeekr X so unique could be because of its rear with an ultra-small rear window topped by a spoiler. Below the window features an illuminated ZEEKR nameplate and a light bar.
The Zeekr X will be available on the Chinese market in early Q2, and then go to Europe.
Also Read: ZEEKR Starts Production of MPV, Rolls Off Its Assembly Line
EV Domination
Earlier this month, Zeekr talked about their ambitious goals to double their sales over 2022 levels. Thus, this means they shift more than 140,000 electric cars in 2023. As part of the goal, they will start marketing their vehicles to consumers outside China.
According to Electrek, the company's vision is to compete on a global stage sooner or later. That's why the brand is already eyeing mature markets in Europe where EVs are gaining popularity, such as in The Netherlands and Denmark.
In 2022, Zeekr sold 72,000 vehicles mostly in China. Its 001 model competes with Tesla's Model Y crossover and other luxury vehicles on the Chinese market. This led to Tesla cutting its prices and production in China due to the competition from Chinese brands, such as Zeekr.
Also this month, a second Zeekr model, the 009, will go into production. When it comes to entering the US market, the brand currently has no plans to.
The Rise of Chinese EVs
The success of Zeekr is part of a more significant trend of Chinese electric vehicle (EV) companies taking over the market. Chinese EV startups, such as NIO, XPeng, and Li Auto, have seen their stock prices rise rapidly in recent months. This is due to government subsidies, investments, and China's growing demand for electric vehicles.
The Chinese EV market is expected to grow in the coming years, with more Chinese companies entering the market and offering competitive options for consumers. The Chinese EV market will likely become a significant player in the global EV market shortly.
Related Article: Geely's New EV Battery Auto Swap Stations Arrive! Lifting Heavy Electric Cars No Longer Needed
