(Yicai Global) Oct. 31 -- Geely Holding Group intends to spin off Zeekr Intelligent Technology before seeking a separate listing for the electric vehicle brand, the Chinese carmaker said in a stock exchange filing today.

Zeekr’s management will put business first to ensure this year’s target to deliver 70,000 vehicles is met, Beijing News cited the unit as saying. Information about the spin-off and listing will be released in a timely manner, the Beijing-based firm added.

Set up in September 2020, Geely own almost 60 percent of Zeekr. It had revenue of CNY2.87 billion (USD3.95 billion) last year, and a net loss of CNY1.01 billion.

Recent stock market turmoil will not shake Geely’s confidence in the new energy vehicle market, and short-term market fluctuations will not affect Zeekr’s medium- and long-term development, it added.

Shares of Geely [HKG: 0175] ended 0.2 percent lower today at HKD8.44 (USD1.08), after gaining as much as 4 percent in early afternoon trading.

In August 2021, Zeekr entered into a stock purchase agreement with five investors: Intel, Contemporary Amperex Technology, Hongshang Industry Holding Group, Bilibili, and Boyu Capital Advisory. It agreed to issue 126 million pre-A series preferred shares for a total USD500 million. Each investor is an independent third party.

The carmaker unveiled its first product, the Zeekr 001, priced at about CNY300,000 (USD41,250) in April last year. Deliveries began last October. Last month, a total of 8,276 were shipped, adding up to a total of 45,481 handed over to buyers, lagging behind Chinese rivals BYD, GAC Aion, Hozon Auto, Li Auto, and Nio.

Editor: Peter Thomas