Geely-backed luxury EV brand Zicor says it has beaten Tesla in some parts of China

Photo shows the Zeekr 001 electric car at the Service Trade Expo in Beijing on August 31, 2023.

China News Service

BEIJING – Chinese electric car brand Zicor has sold more than Tesla Zeekr CEO Andy Ahn told CNBC on Wednesday that the company is already operating in parts of China and plans to expand to Europe and Latin America this year.

Elon Musk’s automaker reported strong sales. Global quarterly revenue fell the most since 2012.

“Our sales have surpassed Tesla in some areas. The sales gap between us and Tesla continues to narrow,” said Ann in Mandarin (translated by CNBC).

In the first three weeks of April, Zeekr sold 500 more cars than Tesla in Zhejiang province, where Zeekr and its parent company Geely are headquartered. Zeekr has slightly higher sales than Tesla in Anhui province near Shanghai and Guangxi, an autonomous region in southern China.

This is according to information shared by Zeekr. Tesla did not immediately respond to a request for comment.

Among pure battery electric vehicles priced at least 200,000 yuan ($28,169), Tesla’s Model Y still held the top-selling position in China in the first three months of this year, according to data from consumer information website Autohome.

BYD The data shows that the Model 3 is in second and third place, while the Tesla Model 3 is in fourth place The data shows that Zeekr’s 001 and 007 sedans are ranked 11th and 12th respectively. The company’s 009 multi-purpose electric car is one of the top five best sellers in the price range of 500,000 yuan or more.

milletThe new SU7 electric sedan starts at 215,900 yuan, slightly more than Zeekr’s 007 but less than Tesla’s Model 3.

When asked at the Xiaomi car press conference a competitor refused to comment. But he said the two organizations differed in strategy, culture and resources.

At the Beijing auto show, which opened Thursday, Zeekr showcased a new vehicle structure that offers customers 10 to 20 percent more interior space than similar vehicles, An said.

“Cars of the future will not be simple means of transportation, but the center of smart travel experiences,” he said, adding that families can play games or enjoy meals in new places.

He said that the production of the car will start by the end of this year.

This year, Zeekr expects its overseas sales to boost overall revenue, An said. The company sells in Sweden and the Netherlands and plans to start selling in six to eight other European countries this year, he said.

One said Zicor was being “actively deployed” in Latin America, without elaborating.

The company is also developing a right-hand-drive car, which it plans to start selling in Hong Kong and Macau soon this year, followed by Singapore, he said.

As major countries encourage people to ditch traditional gas-powered cars, many Chinese companies are looking overseas to fuel electric vehicle growth in a fiercely competitive domestic market. However, the rapid growth of Chinese electric vehicle companies has prompted the European Union and the United States to consider measures to protect their domestic automobile industry.

Asked about plans to build factories in overseas markets, An said Zicor was “actively exploring” but could not divulge details. “Now is the time to explore, because we all need to be prepared for all kinds of uncertainty in the future.”

Zeekr is made by Chinese happy In 2021, the brand will be allowed to tap the resources of the automotive group. Geely owns several brands, including Swedish car brand Volvo, which was previously owned by Ford Motor Company.

An, who is president of Geely Holding Group and chairman of Geely Automobile Group, said that talent, technology and capital must be closely integrated for automakers to achieve long-term success. Marketing, design or financing advantages alone are not enough for a company to remain competitive, he said.

On the sustainability front, Zeekr says it has initiatives ranging from factory solar to vehicle recycling and has long-term relationships with remanufacturers and raw material companies.

Zeekr has filed for a public offering on the New York Stock Exchange but has yet to announce a listing date According to the latest update of its prospectus on the SEC website, the date is April 12.

Asked about IPO plans, An declined to divulge specifics and said the company will go public for strategic purposes if market conditions are favorable.

“It’s not just about funding,” A said. “More importantly, it is a form of corporate governance for Zeekr’s global development and globalization.”

He noted that although Zeekr is still losing money, the company has substantial cash flow and parent company Geely is making a profit.