China’s electric vehicle maker Zeekr is gearing up to raise around $368 million in its U.S. initial public offering (IPO). The company, backed by Geely Automobile Holdings Ltd and technology giant Tencent Holdings Ltd, is making strides in the competitive EV market.

With ambitions to expand globally, Zeekr’s move to tap into the U.S. capital market underscores its determination to accelerate growth and solidify its position in the EV industry. The IPO is expected to provide Zeekr with crucial funds to fund its expansion plans, including research and development efforts and the establishment of new manufacturing facilities.

Zeekr is part of Geely’s broader strategy to establish itself as a major player in the electric vehicle sector, leveraging its technological prowess and financial backing from Tencent. The company aims to differentiate itself through innovative technology and premium offerings in an increasingly crowded market.

However, Zeekr faces challenges, including intensifying competition from both domestic and international rivals, as well as regulatory uncertainties in key markets. Nevertheless, with the backing of strong investors and a focus on innovation, Zeekr remains optimistic about its prospects.