Chinese EV brand Zeekr beats Xpeng's market value after raising $750 million in fresh funding

After raising hundreds of millions of dollars from new and existing investors in a fresh funding round, the Chinese electric vehicle (EV) brand Zeekr has surpassed the market value of its rival Xpeng. According to a press release issued on Monday, 13 January 2023, by Geely Holding Group, which backs Zeekr, the company has raised approximately $750 million. This takes its brand value to $13 billion, against Xpeng, which presently stands with a market value of $8.01 billion, as per data by Refinitiv Eikon. While the numbers came two months after the company had filed for an initial public offering in the US on a confidential basis, the company is yet to be listed. Meanwhile, other companies Nio and Li Auto are ahead with bigger valuations of $17.22 billion and $25.22 billion, respectively, the data further stated. The release also added that the funds will be used to accelerate the global development of Zeekr’s proprietary technology and also expand its global market coverage by entering Europe in 2023. Besides this, Zeekr, a rival to Tesla and Nio, is aiming to reach annual sales of 6,50,000 units by 2025 to join the top three companies in the world in terms of market share in premium electric vehicles. Speaking on the same, Li Donghui, Geely CEO said, “The Series-A fundraising is a vote of confidence in the growth prospects and strong future of Zeekr, which becomes the latest brand in the Geely Holding portfolio to secure a strong valuation.” New investors back Zeekr As stated by Zeekr in its press release, the company has acquired a few new investors including Amnon Shashua, the CEO and founder of autonomous driving technology company Mobileye Global (MBLY.O), Intel Corporation, (INTC.O), and the Guangzhou city municipal government’s investment arm Yuexiu Industrial Fund. The Chinese battery maker, Contemporary Amperex Technology (CATL) is also among the supporters of the funding round. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.