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Havish Gupta
Figuring Out • 7d
How Zeekr is Becoming a Tough Competitor to Tesla So, Zeekr was founded in March 2021 as a premium electric mobility brand for battery-powered vehicles by Geely Motors (parent company of Volvo). Its first model, the Zeekr 001, was officially launched in April 2021, and in 2022, Zeekr already delivered 71,941 Zeekr 001 units to customers, thanks to their parent company’s expertise. For comparison, it took Tesla 7 years to hit that target. The Zeekr 001 is a luxury electric with a 700+ km range and a crazy design, priced at just $37,000. And that’s not all! In 2021, Zeekr partnered with Waymo to deliver and provide all-electric, autonomous ride-hailing vehicles for the Waymo One autonomous mobility service in the United States. In August 2021, Zeekr raised $500 million in its first external fundraising, and over a year later, they raised an additional $750 million, valuing it at $13 billion. They have also filed IPO papers on the NYSE, with plans to raise $441 million. Currently, they have over 7 car models, ranging from sedans to SUVs, already out, along with one under development. They already boast $7.28 billion in revenue, and though, they are burning cash right now, if they continue at the same pace, they are going to be a huge competitor to Tesla. What do you think?
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