All about Geely

On May 10, Zeekr Intelligent Technology Holding Limited shares opened nearly 24% above their IPO price in a strong start for the EV maker, the first major U.S. market debut by a China-based company since 2021.

Zeekr's stock opened at USD 26.00, compared with its IPO price of USD 21.00, and was at USD 28.26 by close of the trading day.

The company was seeking to raise USD 441 million through the sale of 21 million American depositary shares (ADSs).

Zeekr is valued at a fully diluted valuation of USD 6.8 billion, or about half the USD 13 billion evaluation it reached after a funding round in 2023.

"Zeekr is a global brand, and choosing to list in New York further demonstrates its global capabilities," said CEO Conghui An, who is also the president of Zeekr's parent company, Geely Holding Group.

Its first day of trading comes ironically as U.S. President Joe Biden's administration plans on boosting tariffs on Chinese vehicle imports to the U.S.

Zeekr was formed in 2021 and has since delivered nearly 200,000 cars mostly in China, according to its IPO filing.

Zeekr’s CEO said Geely aspires to become the Volkswagen Group of this era of new energy vehicles, and Zeekr's mission is to address the luxury EV market segment.

(Zeekr release and multiple sources on May 10, 2024)

On May 9, HORSE announced its first major partnership with HABAŞ, Turkey. Both have signed a multi-year deal for HORSE to supply its M920 RWD 2.0-litre turbo diesel engines to HABAŞ for its debut light commercial vehicles at its new Manisa facility, Turkey.

The 2.0-litre four-cylinder engine delivers an output of 170 PS and 380 Nm of torque. Innovative features include common rail injection at 2,500 bar for precise fuel delivery and a variable vane turbine turbocharger for optimal response at all engine speeds. The advanced powertrain meets strict Euro 6d+e emissions regulations and is also designed to use the latest B10 diesel with 10% biofuel content, reducing carbon footprint.

HABAŞ Group is a Turkey-based production and export company, specializing in industrial and medical gases, steel, power generation, heavy machinery, and others. It has entered the automotive sector by offering electric and diesel buses, midibuses, and trucks, manufactured to international standards.

Based on HORSE press release

On April 26, London Electric Vehicle Company (LEVC) and Axil Integrated Services (Axil), a UK-based total waste management provider, expanded their partnership for another 12 months, to improve waste processes and drive out costs across its manufacturing plant in the UK. The new collaboration highlights their commitment to shaping the future of mobility through eco-friendly practices. 

Both entities initiated their partnership for the first time in 2020, to improve waste management practices at their site, which resulted in a 212% increase in rebates for metal, cardboard, and plastic. Additionally, they achieved a 100% diversion from landfills, with 83% being recycled and 17% recovered for energy from waste. 

Based on Axil Integrated Services press release