Geely counts on the Zeekr 7X midsize SUV to compete with Tesla’s bestselling Model Y

Amjad Ali August 30, 2024

0 1 2 minutes read

Zeekr Intelligent Technology, the premium electric vehicle (EV) maker controlled by Geely Auto, has unveiled a new sport-utility vehicle (SUV) to take on Tesla’s bestselling Model Y, as competition intensifies in China’s fast-growing but crowded market.

The midsize fully electric SUV, known as Zeekr 7X, will be the fifth production model for a company that posted a 66-per cent jump in second-quarter deliveries.

The vehicle, which debuted at the Chengdu Auto Show on Friday, will come in a right-hand drive variant for export markets in future, Zeekr said. The 7X will be offered with two battery options that can travel up to 605km or 780km on a single charge, Zeekr said, without disclosing the catalogue prices.

The batteries boast the world’s fastest charging capability, Zeekr said. The short-range edition, powered by the company’s own lithium-ion-phosphate (LFP) battery, features 800-volt ultra-fast charging technology, which can offer nearly 400km of driving range after just 10.5 minutes of charging.

A Model Y on display at the Tesla booth during the World Internet of Things Exposition in Wuxi on October 21, 2023. Photo: Bloomberg.

The 7X will be built on the open-source Sustainable Experience Architecture (SEA) platform launched by Geely in late 2020. The platform supports a wide range of battery-powered vehicles, from passenger cars and SUVs to commercial vans and trucks.

“Model Y has been the target of numerous Chinese rivals, because the midsize SUV segment attracts a wide range of customers,” said Chen Jinzhu, the chief executive of Shanghai Mingliang Auto Service, a consultancy. “Zeekr has emerged as a strong premium electric-car maker and will become a new challenger to Tesla and the Model Y.”

The Shanghai-made Model Y, which sells from a basic catalogue price of 249,900 yuan (US$35,239), is mainland China’s bestselling midsize SUV, outselling all electric and petroleum-driven models. Tesla’s Gigafactory delivered 244,000 Model Y vehicles to mainland customers in the first seven months, up 53.6 per cent from the same period last year.

The Zeekr brand delivered 54,811 cars to Chinese and overseas buyers in the second quarter, more than double its deliveries in the same period last year.

The strong deliveries boosted Zeekr’s second-quarter revenue by 36 per cent to a record 20 billion yuan, helping the carmaker to narrow its net loss by 10.5 per cent to 1.81 billion yuan, according to its quarterly earnings statement last week.

Zeekr has been offering discounts to attract more buyers in the mainland market, where electric vehicles accounted for more than 50 per cent of car sales in July.

Among the mainland’s 50 or so EV assemblers, only BYD, the world’s largest electric car builder, and Li Auto, Tesla’s nearest rival in China, have made profits.

All the existing models built by Zeekr are pure electric cars, but the company said last week that it would design and build its first hybrid models to vie for a bigger market share, which will be launched in the second half of 2025.

Source link

Amjad Ali August 30, 2024

0 1 2 minutes read