Zeekr’s shares surged nearly 35% above their IPO price on Friday, marking a strong start. It’s the first major US market debut by a China-based company since 2021. Chinese electric vehicle (EV) manufacturer Zeekr made headlines with its remarkable performance in its US market debut.
The company successfully pulled off its U.S. flotation as it seeks to stand out among a crowded group of Chinese electric-vehicle makers competing for a bigger share of the European market.
Its first day of trading ironically comes at a time when U.S. President Joe Biden’s administration plans on boosting tariffs on Chinese vehicle imports to the United States.
”The capital markets in New York are very favorable for new energy vehicles. Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities,” said CEO Conghui An, who is also the president of Zeekr’s parent company, Geely Holding Group.
Zeekr is the premium brand of Chinese automaker Geely, which also owns Sweden’s Volvo Cars and the UK’s Lotus. It was formed in 2021 to tap into growing Chinese demand for premium models and has since delivered nearly 200,000 cars, mostly in China, according to its IPO filing.
Looking ahead, Zeekr’s US market debut sets the stage for continued growth and expansion in the electric vehicle market. Moreover, Zeekr’s stellar performance in its US market debut is likely to attract further attention from investors and industry stakeholders.
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