Geely to spin off and list Zeekr EV brand

SHANGHAI — Geely Automobile plans to spin off its high-end Zeekr electric-vehicle brand and list the unit.

The terms of the proposed spin-off, including listing venue, offering size and price range for Zeekr have not been finalized, the company said in a statement.

Geely Automobile and its parent Zhejiang Geely Holding Group launched Zeekr in April 2021 as a premium brand targeting young and trendy customers.

In August last year, Zeekr raised $500 million in its first external funding from investors that included Intel Capital, battery maker CATL and online entertainment firm Bilibili.

An Conghui, Geely’s president and Zeekr’s CEO, has said Zeekr is confident of hitting its sales target of 70,000 units this year. The brand aims to sell 650,000 vehicles a year by 2025.

Besides Zeekr, the Geely group owns other brands such as Polestar, Volvo Car, Lynk & CO, Lotus, London Electric Vehicle Company and Geometry.

ECARX Holdings, a Chinese auto tech startup backed by Geely Holding Group’s chairman, went public in May through a merger with a blank-check firm in a deal that valued it at $3.8 billion.

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