Chinese EV maker Zeekr's shares indicated to open up to 19% above IPO price

Zeekr's electric vehicles 001 and 009 are seen displayed at its booth during the first China International Supply Chain Expo in Beijing, China November 28, 2023. REUTERS/Florence Lo/File PhotoShares of EV makers have been hit hard of latewere indicated to open up to 19% above their initial public offering price on Friday, giving the China-based electric-vehicle maker a potential fully diluted valuation of $6.55 billion.

Zeekr is the premium brand of Chinese automaker Geely, which also owns Sweden's Volvo Cars and the UK's Lotus. It was formed in 2021 to tap into growing Chinese demand for premium models, and has delivered nearly 200,000 cars so far, according to its IPO filing, mostly in China.that are targeting Europe, rolling out electric models as they seek to compete with legacy European automakers on their turf. Chinese EV sales in Europe have soared in recent years.

The share flotation comes during rising tension between the world's two biggest economies over trade, intellectual property, Taiwan and China's stance on the Russia-Ukraine war. The discount to last year's valuation could help draw in investors, said Dan Coatsworth, investment analyst at AJ Bell.

Source: Energy Industry News (energyindustrynews.net)

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