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Zeekr , the sumptuousness electric vehicle brand under China ’s Geely , is gearing up to number its shares publicly in the U.S. , accord to a regulatoryfilingsubmitted Thursday . The filing read widen losses between the first halves of 2023 and 2022 , and describes the hazard of Beijing influencing Zeekr ’s stage business decisions .

The move make out almost a year after Zeekr announced it hadconfidentially filedfor a U.S. initial public offering . If Zeekr ’s IPO get going through , it ’ll be the first major Chinese listing in the res publica in nearly two years , followingChina ’s in effect ban of foreign initial public offering . In August 2022 , Washington and Beijingstruck a dealthat let down the likelihood of delist for more than 200 Taiwanese firms list on New York exchanges by allowing U.S. officials to review audited account documents of Formosan businesses that trade in the U.S.

Still , one of Zeekr ’s main risk factors is China ’s influence .

“ The Formosan government exert substantial influence over the conduct of our business and may interpose with or act upon our process as the government deems appropriate to further regulatory , political and social goals , ” Zeekr pronounce in its prospectus .

Zeekr still has n’t shared the total number of shares it will offer , nor the offer cost per part or how much the company hop to upraise and at what valuation . name source familiar with the matter , Reuters previously reportedthat Zeekr , which will be spun out from Geely , aims to raise more than $ 1 billion through its debut and is seek a evaluation of more than $ 10 billion .

Morgan Stanley , Goldman Sachs , BofA Securities , CICC and a identification number of other institutions are list as insurance agent on the filing .

Zeekr , Morgan Stanley and Goldman Sachs have not responded to TechCrunch+ ’s requests for more information .

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The filing does state that although Zeekr will be spun out of Geely , the bequest automaker will remain a controlling shareholder and will hold more than 50 % of the voting power for the election of directors , making Zeekr a so - called controlled company .

Zeekr’s products

Zeekr , prove under Geely in 2021 , makes three mass - produced battery electric vehicle models : the Zeekr 001 , Zeekr 009 and Zeekr X.

The EV Lord said it has cumulatively deliver 170,053 units of Zeekr vehicles . Those deliveries will mainly be for the flagship Zeekr 001 crossover voter . That and the Zeekr X , the urban SUV that launch in China in April , compete directly with Tesla ’s Model Y crossover in an increasingly cutthroat electron volt market in China . The 001 deliver a range of around 375 statute mile and cost around $ 37,000 ( RMB 269,000 ) . The X has a range of 348 miles and costs around $ 27,600 ( RMB 190,000 ) .

The Zeekr 009 large minivan debuted in November 2022 . Its grasp starts at 436 miles and its price starts at RMB 499,000 ( or around $ 73,700 at current exchange rates ) .

Zeekr ’s outgrowth in China can be impute in large part to its direct - to - consumer business model , which the company aims to bring to novel grocery store like Europe , as well . The company has also gained a reputation of bring about smart , luxury fomite at an affordable toll range .

Zeekr promised originally this year to introduce the European marketplace by the ending of 2023 . The ship’s company said it will begin sell the 001 and go in Sweden and the Netherlands begin in the fourth quarter , with design to blow up quickly to other European city after that .

Zeekr may run into some job in Europe , where the European Commission is investigate whether toimpose punitive tariffson Formosan EV imports , which the office says benefits from commonwealth subsidies , to protect European Union auto maker .

away from Europe , Zeekr is also eyeing expansion into Israel andKazakhstan , among other markets .

Zeekr has n’t share plans to deal its EVs in the U.S. , which would be tough , considering it could n’t get at any of the incentives from the Biden administration ’s Inflation Reduction Act . However , Zeekr has a deal with Waymo to provide the latter ’s robotaxis , which are expected tostart testing in the U.S. by the conclusion of2023 .

The EV party has also worked with independent driving technology company Mobileye to set in motion the latter ’s SuperVision advanced number one wood help organization into 110,000 live Zeekr 001 ’s via an over - the - zephyr update . The two company have previously shared plans tobuild an Ab for Chinese consumers .

Breaking down Zeekr’s financials

Per the SEC filing , Zeekr said revenue from vehicle sale amounted to around $ 1.8 billion in the first half of 2023 , compare to $ 727.3 million in the same geological period last year , with a pure profit margin of 12.3 % and 4.7 % , severally . For comparability , Tesla brought in $ 41.2 billion in the first half of 2023 , with a gross margin of about 18.75 % .

Zeekr recorded a net departure of $ 533.8 million in the first half of this yr , up from a net loss of $ 423.6 million during the same flow in 2022 . The EV maker shut out the first one-half of 2023 with $ 382 million in cash and cash eq .

Part of those widening losses could be attributable to a price war started by Tesla in China at the origin of the year , which is affecting the profitableness of EV makers . China has also been feel a softening of EV demand as consumer rein in outlay .

However , Zeekr can rely on Geely ’s manufacturing facilities and cost - saving capabilities , and for the second is well - fund . In February the company closed a$750 million roundat a $ 13 billion valuation . Investors in the daily round include Amnon Shashua , the CEO of Mobileye and Taiwanese battery whale CATL .