Introducing Zeekr to the European market is a strategic move for Geely, the parent company. This not only allows for consolidation of their various automotive assets but also enables them to benefit from economies of scale. Geely, headquartered in Hangzhou, has been actively establishing its presence in Europe since acquiring Volvo from Ford Motor in 2010. It has amassed a network of investments, including stakes in truckmaker Volvo AB and control of sports-car maker Lotus. Additionally, Geely is in the process of finalizing a deal with Renault to pool combustion-engine assets.
The Zeekr 001 and X models are built on the same platform used for Volvo’s EX30 compact SUV and Mercedes’ Smart city car (Smart being a joint venture between Geely and Mercedes). Despite fierce competition and a price war among EV makers in China, Zeekr aims to sell 140,000 cars this year. By 2025, that number is set to increase to 650,000. The first deliveries to Sweden and the Netherlands in Europe are scheduled for November, and sales have already commenced in Germany this month.
Zeekr’s plan to expand its model range will not only drive growth in the Chinese market but also unlock opportunities in Europe and other regions, according to Fotinos, a former executive of Toyota Motor. By 2025, Zeekr aims to have a presence in most of Western Europe. The company is also reportedly considering an IPO in the U.S. (source)
“North America is a unique market that requires a separate discussion,” Fotinos stated. “We are closely evaluating it and taking it seriously.”
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