A Huge New EV IPO
The fall-off in EVs has not entirely dampened the interest of possible investors. According to Bloomberg, “Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co., is seeking to raise as much as $367.5 million in a US initial public offering.”
China EV Numbers –Are The Chinese Lying?
Climatecrisis247 believes that the IPO’s ability to get to market is due to its business in China, where EV sales have not been hit by the drop in demand in the US. That drop has driven down the value of stocks, including Rivian.
Geely is a major Chinese car company, and it has been since its founding in 1986. In 2010, it bought Volvo from Ford. At one point, it also owned almost 10% of Mercedes Benz. Zeekr’s first cars were launched in 2021, and it has become one of the car brands just below BYD.
Zeekr may benefit from Chinese car companies moving into the EU and the US, although governments currently block that move because they fear the Chinese could offer prices so low that they will damage local competition.
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