Chinese luxury EV brand Zeekr, owned by Geely, is set to introduce a hybrid SUV in late 2025. This move marks a departure from Zeekr’s initial focus on battery electric vehicles (BEVs) and signals a growing trend towards hybrid options within the Chinese EV market.
ZEEKR Intelligent Technology Holding (NYSE: ZK) exceeded expectations in the second quarter of 2024, reporting a 58.4% year-over-year revenue increase and surpassing analyst forecasts for both revenue and adjusted net loss per ADS. The company’s vehicle deliveries also saw significant growth, driven by increased sales volume and improved vehicle margins.
Chinese electric car brand Zeekr, owned by Geely, is outperforming Tesla in certain regions of China and plans to expand into Europe and Latin America this year. Despite Tesla reporting its largest global quarterly revenue drop since 2012, Zeekr has seen a surge in sales. According to Zeekr’s data, it outsold Tesla in the provinces of Zhejiang, Anhui, and Guangxi during the first three weeks of April. While Tesla’s Model Y remains the bestseller in China for battery-powered electric cars priced above 200,000 yuan, Zeekr’s 001 and 007 models rank among the top sellers in their respective price categories. Zeekr’s CEO, Andy An, declined to comment on the recent launch of Xiaomi’s electric sedan but highlighted the differences in strategy and resources between the two companies. At the Beijing auto show, Zeekr unveiled a new car structure that offers more interior space. An emphasized the company’s focus on creating a smart mobility experience, with future vehicles designed to accommodate activities such as gaming and dining. Zeekr expects overseas sales to boost revenue this year, with plans to enter six to eight additional countries in Europe and expand into Latin America. The company is also developing right-hand drive cars for markets like Hong Kong, Macao, and Singapore. An confirmed that Zeekr is exploring the possibility of building factories overseas but provided no specific details. Long-term support from its parent company Geely, which owns Volvo, provides Zeekr with access to resources and expertise. An emphasized the importance of combining talent, technology, and capital for long-term success in the automotive industry. Zeekr has filed for an IPO on the New York Stock Exchange but has not yet announced a listing date.
