BEIJING - Zeekr, the first electric vehicle brand by Geely, said on Friday it raised $500 million from investors including Intel, battery maker CATL and online entertainment firm Bilibili.
Zeekr said investors would jointly own a 5.6% stake in the company, valuing it at around $9 billion.
The company makes the Zeekr 001 model in the Chinese town of Ningbo and is expected to start delivering them later this year. It will be sold 650,000 cars by 2025 a year.
Investors also included Cathy Fortune Corporation, which invests in mining companies, and private equity firm Zeekr, which signed long-term investment partnerships with Boyu Capital, the carmaker said in a statement.
Zeekr is jointly owned by Geely Automobile and its parent Zhejiang Geely Holding GroupGeely Holding Group.
The companies are expected to contribute to leading experts in intelligent connectivity, batteries, young consumer markets and raw materials, said it.
Car companies globally are working with more tech firms, battery makers and mining firms to develop future products and secure supply of components amid a shift to electric vehicles.
In March this year, Zhejiang Geely Holding GroupGeely Holding Group, owner of Volvo Cars and a stake in Daimler AG, and Geely Automobile launched the Zeekr to compete with EV companies including Tesla Inc. and Nio Inc. They jointly invested 2 billion yuan in the brand earlier.