Geely Holding group announced that its all-electric brand ZEEKR has welcomed a $750 million Series A funding round led by major companies like battery giant CATL. Upon completion of the five member investment, ZEEKR will be valued at $13 billion as it looks to expand to new markets in Europe and a possible IPO in the US.
Having only been founded in 2021, ZEEKR Intelligent Technology remains a young luxury EV automotive brand in China existing under a booming Geely Holding umbrella. China’s largest private-owned automotive group reported 5% sales growth in 2022, led by marques like Volvo Cars, Polestar, and of course ZEEKR.
The young EV-centric brand looks to contribute even more to Geely in 2023. As we previously reported, ZEEKR CEO Andy An’s five key tasks to be completed by the company this year. One task includes the launch of two new EV models – one of which we recently learned will be called the ZEEKR X.
Another task will be for the brand to successfully enter new markets in Europe. As the ZEEKR brand prepares to expand sales beyond China, it has also been quietly filing for a potential IPO in the US. Following today’s latest round of funding, ZEEKR’s valuation sits at an all-time high at an opportune time for market growth.
The upcoming ZEEKR X Credit: Weibo/ZEEKR
ZEEKR’s Series A to fund EU expansion; is US IPO next?
Geely Holding announced the $750 million Series A funding for ZEEKR earlier today, which was raised among five separate investors: Prof. Amnon Shashua (founder and CEO of Mobileye), Yuexiu Industrial Fund, Tongshang Fund, Xin’an Intelligent Manufacturing Fund, and Contemporary Amperex Technology Ltd, better known as CATL.
When completed, the latest investment in ZEEKR will push its valuation to $13 billion, which should come as welcomed news for Geely as it was previously hoping for a $10 billion valuation in December when ZEEKR confidentially filed for a US IPO. Geely CEO Daniel Donghui Li spoke to the funding and latest valuation:
The Series-A fundraising is a vote of confidence in the growth prospects and strong future of ZEEKR, which becomes the latest brand in the Geely Holding portfolio to secure a strong valuation. Geely Holding will continue to explore ways to unlock value across our portfolio as we pioneer new services and mobility solutions to meet customer demand across the world.
One certain way Geely and ZEEKR look to unlock value is to begin sales in Europe this year. Which specific EVs will be sold has yet to be announced, but the automaker has been tasked with delivering at least 140,000 vehicles this year – double its 2022 output. Another way to expand its global presence would be to eventually enter the US as well, hence why a ZEEKR IPO could make sense.
However, that is still unconfirmed as we await the status of the automaker’s confidential filing. For now, ZEEKR is riding its highest valuation a mere two years after coming into existence and hopes to carry that momentum overseas and into Europe.
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Chevy is resurrecting both the Spark and EUV nameplates with the all-new, affordable Chevy Spark EUV. GM hopes its new, 249-mile range EV will be a “game changer” that helps accelerate the company’s EV transition in export markets.
Meet the all-new 2026 Chevy Spark EUV – a compact, Bronco-lookin’ four-door crossover that’s ready to take South America, Africa, and the Middle East by storm.
Big style, tiny package
2026 Chevy Spark EUV; via GM.
Like its Baojun-badged siblings, the new MY2026 Chevrolet Spark EUV is powered by a single 75 kW (101 hp), 180 Nm (130 lb-ft) motor driving the front wheels. Power comes from the Baojun’s 42 kWh LFP battery that, with regenerative braking, is good for up to 360 km (220 miles) on the NEDC driving cycle.
Built to turn heads and spark excitement, the 2026 Chevrolet Spark EUV debuts in the ACTIV trim, boasting a bold, boxy exterior, a sleek two-tone roof, and sporty 16” wheels. Compact yet spacious, it’s the perfect everyday runner, offering seamless balance of practicality, driving dynamics and personality.
And for those who love to stand out, the Spark EUV offers six vibrant color options, including Sea Blue with a Polar White roof, Track Yellow, Tiger Blue, Gentle Gray with a Star Twinkle Black roof, and Milky Tea. But personalization doesn’t stop there – drivers can further customize their Spark EUV with exclusive accessories like Ground Effects for the front and rear, Side Moldings, Assist Steps, and Side and Rear Storage Boxes.
Whether you’re an adventurer, gaming enthusiast, music lover, sports fan or someone who enjoys pop culture, a range of unique accessories and themes ensures your Spark EUV stands out and feels uniquely yours.
“The Chevrolet Spark EUV is the coolest and most attainable vehicle in its segment – and is positioned to drive EV adoption in the Middle East,” explains Jack Uppal, General Motors Africa and Middle East President and Managing Director. “Not only is it fun to drive, but the Chevrolet Spark EUV also offers customers the chance to personalize their vehicle with a variety of customization options, making it uniquely their own.”
In addition to basically re-using R&D and tooling budgets from the Baojun brand, the 2026 Chevy Spark EUV keeps its price low with relatively low EV tech. The charging, for example, tops out at “just” 50 kW – a far cry from the 300-plus kW from Tesla, let alone the 480 kW from some of the cutting-edge Chinese brands.
The 2026 Chevrolet Spark EUV will be available in UAE, KSA, Bahrain, Kuwait, Qatar, Lebanon, Iraq, Oman, and Egypt later this Summer. No official word on pricing.
Electrek’s Take
I know this is an overseas model with almost no chance of coming to the US – and that’s our loss. A practical, fun, affordable EV like this could do huge numbers if it was priced right. And with the Baojun Yep starting at less than $12,000 US in China, I can’t imagine a sub-20K MSRP would be entirely out of the question.
The 2025 US Electric Vehicle Experience (EVX) Ownership Study from J.D. Power tells us that more people are more satisfied with their EV experience than last year – and the EV owners who are the most satisfied with their rides can be found behind the wheel of the BMW iX.
Now in its fifth year, the J.D. Power U.S. Electric Vehicle Experience (EVX) Ownership Study focuses on the the first year of vehicle ownership. The overall EVX ownership index is a 1000-point score that measures EV owner satisfaction in both premium and mass market segments across 10 factors. Those being (in alphabetical order):
The reason BMW is consistently pulling ahead? It seems to come down to education. “First-time EV buyers are receiving minimal education or training,” explains Brent Gruber, executive director of the EV practice at J.D. Power. “Dealer and manufacturer representatives play the crucial role of front-line educators, but when it comes to EVs, the specific education needed to shorten the learning curve just isn’t happening often enough. The shortfall in buyer education is something we’re seeing with all brands.”
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For their part, BMW and MINI do a great job with consumer education – and the company’s Genius program (cunning cribbed from Apple’s Genius Bar playbook) is the best in the car business. With that in mind, it’s hard to imagine this going down any other way.
Bigger trends in the EV space
BMW Genius in-person session; via BMW.
After a decline in BEV owners’ overall satisfaction results in 2024, J.D. Power reports that owners of both premium and mass market battery electric EVs are expressing a change of sentiment this year. Part of that is better education, another part is more mainstream awareness of EV charging basics, but most of that is the overall growth and improvement of America’s publicly accessible DC fast charging network.
Among mass market BEV owners, satisfaction is up 86 points year over year (396) as infrastructure buildout continues and brands benefit from the opening of the Tesla Supercharger network. Satisfaction with public charger availability is highest among owners of premium BEVs (551).
Another big EV trend covered in J.D. Power’s survey is the market’s permanence. EVs have staying power, in other words, with the vast, sweeping majority of first-time EV buyers indicating that they’re not going back to ICE.
verall, 94% of BEV owners are likely to consider purchasing another BEV for their next vehicle, a rate that is also matched by first-time buyers. Manufacturers should take note of the strong consumer commitment to EVs as the high rate of repurchase intent offers the ability to generate brand loyal customers if the experience is a positive one. In fact, during the past several years, the BEV repurchase intent percentage has fluctuated very little, ranging between 94-97%. This year’s study also finds that only 12% of BEV owners are likely to consider replacing their EV with an internal combustion engine (ICE)-powered vehicle during their next purchase.
“With five years of conducting this study and surveying thousands of EV owners, it’s apparent that once consumers enter the EV fold, they’re highly likely to remain committed to the technology,” Gruber adds.
Dutch charge point operators Fastned have opened their first DC fast-charging station with up to 400 kW chargers in Italy, marking the eighth nation the company has built stations in.
Fastned’s new EV charging location was built into the existing Truck Park Brescia Est service plaxa on the busy A4 motorway roughly between Milan and Venice. The A4 is a major traffic artery in the northern part of Italy, but that’s not the only reason the site was chosen.
Fastned says that the majority of electric vehicles registered in the boot-shaped nation are located in the northernmost regions of the country of the country. More specifically, the new charging facility is located roughly halfway between Bergamo and Verona, while the A4 continues west to Lake Lugano and Lake Como or and east to Lago di Garda.
The new Fastned charge park was originally set to open in 2024, but wasn’t officially commissioned by the Italian motorway operator A4 Holding Group until this week.
Electrek’s Take
You might be asking yourself why I’m writing about a new charging station in Europe when I usually write about big trucks and tractors. The answer is simple: I read “Truck Park Brescia Est” and assumed this was a truck stop. By the time I figured it out I’d already written about three quarters of the article, and rather than throw it away I decided to use it as yet another opportunity to point out that Tesla is a step or three behind the latest charging tech from China.
I also re-posted an episode of Quick Charge on this same topic (above). Enjoy!