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Geely EV brand Zeekr aims to double sales by 2023, plans to expand in Europe

According to Reuters, An Conghui, CEO of Geely’s electric vehicle brand Zeekr, said that ZEEKR’s goal is to double its sales to about 140,000 units by 2023 and to increase sales to 140,000 units. It plans to expand sales in Europe.

Zeekr will deliver 71,941 vehicles in 2022, with an average order value of over 336,000 yuan. The Zeekr 001, which sells for about 300,000 yuan, competes with the Tesla Model Y and other luxury vehicles in an increasingly competitive Chinese market. Tesla has cut prices and cut production in China as it faces fierce competition from Chinese brands such as Zeekr. Tesla’s December sales fell to the lowest level in five months.

Zeekr’s second model, ZEEKR 009, will be put into production this month. An Conghui said in an interview at the CES 2023 annual technology conference in Las Vegas that Zeekr sees growth opportunities in Europe. He added that Zeekr plans to start selling vehicles equipped with Mobileye’s assisted driving system later this year.

Zeekr and Waymo showed off prototypes of self-driving service vehicles at CES. An Conghui revealed that Zeekr plans to manufacture vehicles for Waymo in China, but it may also be produced in the United States, “depending on market conditions.” At the same time, Zeekr does not intend to enter the US consumer market.

Zeekr filed for an initial public offering (IPO) in the United States last month, but did not provide details about the size or timing. Zeekr plans to raise over US$1 billion (approximately RMB 6.88 billion) through an IPO and seek a valuation of over US$10 billion (approximately RMB 68.8 billion).

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