Geely premium brand Zeekr seeks $1 bln U.S. IPO

STORY: Chinese car giant Geely could have its eyes on a big U.S. share sale.

Reuters sources say the firm's upmarket electric vehicle brand Zeekr plans a public listing.

It’s reportedly looking to raise more than $1 billion.

That would value Zeekr at over $10 billion.

The plans come as the brand gets ready to market its first model in Europe next year.

Sources say Zeekr lodged all necessary paperwork with U.S. regulators last week, and is aiming to go public as early as the second quarter of 2023.

If it happens, it will be the first major Chinese share flotation in the U.S. in over a year and a half.

Overseas listings have largely been put on hold after Beijing cracked down on such moves.

However, two of the sources say New York was chosen over Hong Kong in hopes of a higher valuation.

There was no official comment from Geely, which handles PR for Zeekr.

Competing with Tesla is the company’s target.

Zeekr’s debut model is priced very close to the Model Y SUV from the U.S. EV pioneer, which remains far ahead on sales in the Chinese market.