Zeekr, a Chinese EV maker, has priced its IPO at $21, which is at the upper end of the range, according to reports.

According to news reports, Zeekr, a Chinese electric vehicle manufacturer, set its initial public offering price at $21 per share on Thursday, which is the highest end of its range.

Zeekr will sell 21 million American depository shares at a price range of $18 to $21 per share to raise $441 million when it begins trading on the New York Stock Exchange on Friday under the ticker ZK, according to Reuters and Bloomberg News, citing sources familiar with the matter.

Geely, a Chinese-based automotive group, owns Zeekr, a luxury vehicle brand that offers several models, including an upscale sedan that was launched in January. After the IPO, Geely will have more than 50% of the company's voting power.

The company aims to lead the automobile industry through the development and offering of next-generation premium BEVs and technology-driven solutions, according to its SEC filing.

In the province of Zhejiang, China, during the first three weeks of April, Zeekr reportedly outpaced its parent company in car sales.

Zeekr CEO Andy An stated in a CNBC interview last month that the sales gap between Zeekr and Tesla is gradually closing. He revealed that the company intends to expand into Europe and Latin America this year, and it currently sells vehicles in Sweden and the Netherlands.

Zeekr reported $7.28 billion in revenue and a loss of $1.16 billion in 2023, as well as delivering 16,089 units in April, according to a regulatory filing.

Zeekr intends to allocate the funds from the offering towards the development of advanced battery electric vehicle technologies, as well as for selling and marketing purposes, including expanding its charging infrastructure and meeting general corporate requirements.

The deal's underwriters are Goldman Sachs, Morgan Stanley, Merrill Lynch, and China International Capital.