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Electric & new energy vehicles
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Chinese EV maker Zeekr, owned by Geely, secures US$750 million in funding from CATL, Mobileye Global founder

  • Zeekr, which has two new cars slated for introduction this year, aims to use the funding to support technology research and global expansion
  • Investors in the funding round include government-linked funds and Amnon Shashua, CEO and founder of Mobileye Global

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Visitors check out a Zeekr 001 at Zeekr’s factory in Ningbo, Zhejiang province, China on April 15, 2021. Photo: Reuters
Pearl Liu
Zeekr, a premium electric-vehicle (EV) brand under Chinese carmaker Geely, is raising US$750 million from a clutch of investors including Chinese battery maker Contemporary Amperex Technology Limited (CATL) as Zeekr and its peers race to catch up with Tesla in the world’s largest EV market.
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Zeekr’s parent company Zhejiang Geely Holding Group said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand.

In addition to CATL, which is already a backer of Zeekr, investors in the funding round include the Guangzhou municipal government’s investment arm Yuexiu Industrial Fund, Tongshang Fund, Xin’an Intelligent Manufacturing Fund and Amnon Shashua, CEO and founder of Mobileye Global, a provider of autonomous-driving technology that is majority-owned by US chip maker Intel.

“The successful signing of the second external funding round represents a significant vote of confidence as Zeekr develops proprietary technologies built around safety, sustainability, user-experience, and new mobility services,” the company said in an announcement.

The office building of Contemporary Amperex Technology Limited (CATL) is pictured on August 8, 2018, in Ningde, Fujian province of China. Photo: Getty Images
The office building of Contemporary Amperex Technology Limited (CATL) is pictured on August 8, 2018, in Ningde, Fujian province of China. Photo: Getty Images
Zeekr landed its first external funding totalling US$500 million in August 2021, with investors Intel, CATL, online entertainment firm Bilibili, mining investor Cathay Fortune Corporation and private-equity firm Boyu Capital.
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“It is a good timing window to raise money, as the market sentiment is boosted by China reopening,” said Phate Zhang, founder of Shanghai-based EV news site CnEVpost. “We see more EV companies making similar moves.”

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