Chinese EV maker Zeekr surges 34 pct in Wall Street debut

NEW YORK: Chinese electric vehicle (EV) brand Zeekr made an impressive debut on the New York Stock Exchange last week, with its shares opening nearly 24 per cent higher than the IPO price of US$21 per share, reported Xinhua.

Zeekr’s stock closed at US$28.26, a 34.57 per cent jump from its IPO (initial public offering) price, showcasing a strong start for the EV maker.

Throughout the day, Zeekr’s price continued to climb, reaching a high of US$29.32 per share. There were likely fluctuations throughout the day, but the overall trend was positive.

This listing represents the first major market entry in the US by a China-based company since 2021. Zeekr’s successful flotation reflects its ambition to distinguish itself in a competitive landscape of Chinese EV makers vying for increased market share in Europe.

On average, IPOs of roughly this size have risen 29 per cent on their debut this year, according to Dealogic data.

“The capital markets in New York are very favourable for new energy vehicles.

“Zeekr is a global brand and, choosing to list in New York further demonstrates its global capabilities,” said Zeekr’s chief executive officer Conghui An, who is also the president of Zeekr’s parent company, Geely Holding Group.

Zeekr has achieved remarkable milestones despite being a relatively young startup.

Zeekr revealed in April that it is outselling Tesla’s Model Y and Model 3 in certain regions of

— AFP photo Zeekr benefits from its association with Geely, its parent company. Geely, a major player in the Chinese automotive industry, established Zeekr as its EV subsidiary in March 2021.