Geely’s EV brand Zeekr raises USD 750 mn in fresh funding: Zeekr — Chinese automotive manufacturer Geely’s luxury EV brand — raised USD 750 mn in a series A funding round from five investors, according to a company statement. Zeekr is now valued at USD 13 bn, according to the statement.

Who participated in the round? Investors on board included Chinese-based battery manufacturer and Tesla supplier Contemporary Amperex Technology Ltd, China’s state-owned Yuexiu Industrial Fund, Tongshang Fund, the Xin’an Intelligent Manufacturing Fund, and an angel investor.

Where is the money going? Zeekr will use the proceeds to boost tech research and fuel global expansion plans. The company has plans to launch its all-electric SUV Zeekr X along with an expansion into Europe in 2023, the statement notes.

Gearing up for IPO: Zeekr’s wrap up on this round comes two months after it filed for an initial public offering in the US, which saw it reportedly seeking proceeds in excess of USD 1 bn at a USD 10 bn valuation, Reuters reported last December citing three sources with knowledge of the matter.

About Zeekr: Founded in 2021, the brand currently has an EV inventory comprising 2 entirely electric vehicles — the Zeekr 001 and Zeekr 009 — and has sold some 72k EVs in 2022 alone, according to its website.

Hot on the heels of Geely announcing the rollout of new EVs in MENA: Egypt’s Abou Ghaly Motors is introducing Chinese automaker Geely’s Geometry C EV to the Egyptian market. No timeline for the rollout in Egypt and MENA was disclosed.