Geely Automobile said on Monday (Oct 31) it plans to spin off its high-end Zeekr electric vehicle brand and list the unit.
Geely Automobile and its parent Zhejiang Geely Holding Group launched Zeekr in April 2021 as a premium brand targeting young and trendy customers.
In August last year, Zeekr raised US$500 million in its first external funding from investors that included Intel Capital, battery maker CATL and online entertainment firm Bilibili.
The brand aims to sell 650,000 vehicles a year by 2025.
Besides Zeekr, Geely owns other EV brands such as Polestar and Geometry.
ECARX Holdings, a Chinese auto tech startup backed by Geely Holding Group’s chairman, went public in May through a merger with a blank-check firm in a deal that valued it at US$3.8 billion.