Chinese electric vehicle maker Zeekr Intelligent Technology (ZK) priced its IPO in the U.S. at the top of its indicated range on Thursday, sources told Reuters. The company increased the size of its IPO to 21 million ADSs before closing orders from investors. The company expects to raise $441 million, which would value it at close to $5.1 billion. The closest EV trading peers to Zeekr (ZK) at the expected valuation would be Rivian Automotive (RIVN) with a $10.3B market cap, 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.

More about Zeeker: Zeeker (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.