Zeekr Intelligent Technology Holding (IPO) opened for trading on Friday at $26 after the Chinese electric vehicle maker priced its IPO at $21 per share. Shares of Zeekr (NYSE:ZK) zoomed up to as high as $29.20 before settling back. The initial rally in the EV stock pushed its market capitalization to over $6 billion. That places the stock in the rough neighborhood of VinFast Auto (VFS) with a $7.2B market cap, XPeng (XPEV) at a $6.3B market cap, and Lucid Group (LCID) at a $6.2B market cap.

The public debut for Zeekr (ZK) arrived during a choppy time for demand in the broad electric vehicle sector. There are also ongoing concerns on pricing and margin trends that are weighing on investor sentiment.

More about Zeekr: Zeekr (ZK) described itself in a recent SEC filing as a fast-growing BEV technology company that aspires to lead the electrification, intelligentization, and innovation of the automobile industry. “Since our inception, we have focused on innovation in BEV architecture, hardware, software, and the application of new technologies. Our efforts are backed by our strong in-house R&D capabilities, deep understanding of products, high operational flexibility, and flat, efficient organization structure. Together, these features enable fast product development, launch and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, we are able to rapidly expand even with a limited operating history.” The current model lineup includes the Zeekr 001, Zeekr 001 FR, Zeekr 009, Zeeker X, and an upscale sedan model. In 2023, Zeeker (ZK) generated revenue of $7.28 billion and recorded a net loss of $1.16 billion. Monthly deliveries in 2024 have ranged from 16,089 in April to 7,510 in February. The company aims to deliver 230K vehicles this year.