In an impressive market debut, Zeekr Intelligent Technology Holding Limited (ZK) saw its New York-listed shares close almost 35% higher than its initial public offering (IPO) price on Friday. The Chinese automaker's global electric mobility technology brand, backed by Geely Automobile Holding (GELYY), had priced its U.S. IPO of 21 million American Depositary Shares (ADS) at $21 per share.

Zeekr's shares opened at $26 and surged to a close of $28.26 on its first day of trading, resulting in a fully diluted valuation of $6.8 billion. This significant increase highlights the strong demand and market opportunities in the global new energy vehicle sector. Zeekr is positioned as a premium electric mobility brand and plays a crucial role in Geely's electric transformation strategy. Geely Holding Chief Executive Daniel Li expressed confidence in Zeekr's ability to capitalize on this historic opportunity and deliver long-term value for stakeholders.

Zeekr, which began delivering vehicles in October 2021, has already achieved an impressive milestone of delivering over 240,000 vehicles to date. The company has also announced plans to expand its market reach, targeting sales in European, Middle Eastern, and other Asian markets. This global expansion strategy aligns with the growing demand for electric vehicles worldwide.

While Zeekr has reported a surge in total revenue to 51.67 billion yuan ($7.15 billion) in 2023, its net loss widened to 8.26 billion yuan. Despite the widening losses, investors remain optimistic about the brand's potential in the rapidly evolving electric vehicle market.

Zeekr's successful debut on the New York Stock Exchange stands out amidst a stock slump faced by other U.S. electric vehicle manufacturers. Tesla, the Chinese automaker's well-known rival, has experienced a 32.2% downturn in its stock year-to-date, while Rivian's stock has plummeted by nearly 52.7%.

Zeekr's strong market performance on its IPO debut highlights the investor confidence in its electric mobility brand. As the global shift towards electrification gathers momentum, Zeekr's positioning as a premium brand and Geely's backing provide a solid foundation for its future growth and market success.