Wikipedia

Zeekr

Zeekr Intelligent Technology Holding Limited, trading as Zeekr (Chinese: 极氪; pinyin: Jí kè; lit. 'extreme krypton') is a Chinese publicly listed automobile company and brand owned by Geely Automobile Holdings. Founded in 2021, it specializes in premium electric cars. Zeekr products are built on the EV-focused Sustainable Experience Architecture (SEA) platform.

Zeekr Intelligent Technology Holding Limited
Native name
极氪
Company typePublic
NYSE: ZK
IndustryAutomotive
Founded2021; 3 years ago (2021)
Headquarters
Ningbo, Zhejiang
,
China
Key people
  • An Conghui (CEO)
Products
Services
RevenueIncrease US$7.28 billion (2023)[1]
Increase US$-1.15 billion (2023)[1]
Increase US$-1.16 billion (2023)[1]
Total assetsIncrease US$3.82 billion (2023)[1]
Total equityIncrease US$-1.22 billion (2023)[1]
Owner
Number of employees
16,645 (2023)[1]
Subsidiaries
Website

The name of the brand is made up of the letter 'Z' from 'Generation Z', and the term geek.[2]

History

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A Zeekr showroom in Shenzhen, Guangdong

Zeekr was founded in March 2021 as a premium electric mobility brand for battery-powered vehicles by the Geely Group to compete against Nio and Tesla, among others. Its first model, the Zeekr 001 was officially launched in April 2021.[3] The Zeekr models are to be based on the SEA platform presented in autumn 2020.[4] Zeekr started delivering the 001 model in October 2021 a vehicle originally planned to be launched by sister brand Lynk & Co.[5] In 2022, Zeekr delivered 71,941 Zeekr 001 to customers across more than 330 cities in China. Its subsidiary Zeekr Power covers more than 110 cities with over 660 stations.[6]

Zeekr developed Waymo's autonomous robotaxi.[7][8][9] In December 2021, Geely announced that Zeekr would be collaborating with Waymo to develop and provide all-electric, autonomous ride-hailing vehicle for the Waymo One autonomous mobility service in the United States.[10] The vehicle integrated with Waymo's technology was unveiled in Los Angeles in November 2022.[11]

In January 2022, a cooperation between Zeekr and Mobileye was announced to expand their strategic technology partnership with a goal to deliver the world's first consumer autonomous vehicles with L4 capabilities by 2024.[12][13]

In August 2022, Zeekr announced their cooperation with CATL, making them the first brand to use CATL's Qilin long range batteries for global mass production. The Zeekr 001 will be the first model to use the new batteries, enabling them to have a pure electric range exceeding 1,000 kilometres (620 mi).[14]

Zeekr raised US$500 million in its first external fundraising from five investors including Intel Capital, CATL, Bilibili in August 2021. On February 13, 2023, Zeekr is valued at US$13 billion after it raised US$750 million from five investors.[15] In May 2024, Zeekr filed its initial public offering (IPO) on the New York Stock Exchange. Zeekr raised around US$441 million, making it the largest IPO of a Chinese company since 2021.[16]

In August 2024, Zeekr has faced criticism for launching the 2025 model year of the Zeekr 001 in China just six months after releasing the previous version in February 2024. It led to protests among customers who recently purchased the earlier model, as their vehicles have quickly been superseded by a newer version. The 2024 model came equipped with Mobileye chips, which cannot be upgraded to the new Haohan Intelligent Driving 2.0 system from the 2025 model. In response, Geely Holding President and Zeekr CEO An Conghui acknowledged the issue, admitting that the company could have better communicated its product release plans.[17]

Restructuring in 2024

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In November 2024, in response to Geely Holding Group's restructuring strategy, the equity structure of Geely Auto, Zeekr, and Lynk & Co have been further optimized. [18]

Geely Holding Group (Geely) announced to transfer its 11.3% stake in Zeekr Intelligent Technology (Zeekr) to Geely Automobile Holdings (Geely Auto). Geely Auto's shareholding ratio in Zeekr increased to 62.8%.[19][20]

Zeekr announced to purchase 20% stake of Lynk & Co from Geely Auto for 3.6 billion yuan and acquire Volvo Car's 30% stake in Lynk & Co for 5.4 billion yuan.[21] This made Zeekr hold 51% of Lynk & Co in total, while the remaining 49% of Lynk & Co shares continues to be held by Geely Auto.[19][20]

Market availability

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Zeekr first launched in China and starting expanding into Europe. Its first European showroom opened in Stockholm, Sweden in 2023.[22] Sweden, together with the Netherlands, were the first European markets which Zeekr entered in 2023.[23]

In 2024, the brand will expand into Denmark, Germany, France, Norway, Israel, and Australia, and plans to enter the Singapore market by the end of the year.[24][25] Additionally, the brand will begin constructing showrooms in Japan in the fourth quarter of 2024, with sales and deliveries expected to start in 2025.[26] Zeekr is also set to enter the Brazilian market in September 2024 and is planning to officially launch in South Korea in 2025.[27][28]

Zeekr also enters Australian market in October 15.[29]

Facility

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In 2023, Zeekr had three R&D facilities in China – Ningbo, Hangzhou, Shanghai as well as Zeekr Technology Europe (previously China Euro Vehicle Technology or CEVT) in Gothenburg, Sweden.[30][31] Its global design center is also located in Gothenburg, Sweden.[32] Zeekr's European headquarters and sales office were moved from Gothenburg to Amsterdam due to higher concentration of experienced sales professionals.[33][34]

Zeekr's factory has a manufacturing capacity of up to 300,000 vehicles per year and can be expanded further.[35]

Products

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Current Zeekr models

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Upcoming models

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  • Zeekr codename "CM1e", an autonomous vehicle for Waymo.[36]

Concept models

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M-Vision is built on SEA-M architecture to showcase the architecture's fundamental features such as expansive interior, open seat choice, and placement option, no B-pillar, and robust electrical/electronic (E/E) backbone supporting autonomous drive and connected devices. M-Vision is a base model that can be developed for a range of future mobility products including robotaxis, multi-purpose vehicles, and logistics vehicles.[37]

  •  
    Zeekr M-Vision

Lynk & Co

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Main article: Lynk & Co

Lynk & Co (Chinese: 领克; pinyin: Lǐng kè) is a brand jointly owned by Geely Auto, Volvo Cars and Zhejiang Geely Holding that was established in 2016. The brand is positioned between the Geely and Volvo brands. It is aimed to be a startup-like company by introducing innovative sales models such as direct-to-consumer sales model and subscription model to market its vehicles.[38]

Before November 2024, it was owned 50% by Geely Auto, 30% by Volvo Cars, and 20% by Geely Holding Group, and currently 51% owned by Zeekr and 49% owned by Geely Auto.

Sales

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Year Sales
2021 6,007[39]
2022 71,941[40]
2023 118,685[41]

See also

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References

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  1. ^ a b c d e f g "ZEEKR Intelligent Technology Holding Limited - US SEC FORM F-1". U.S. Securities and Exchange Commission. Retrieved 11 May 2024.
  2. ^ Mark Andrews (29 December 2021). "Zeekr 001 exclusive first test drive". carnewschina.com. Retrieved 29 December 2021.
  3. ^ Zhang/CnEVPost, Phate (31 January 2023). "Zeekr aims for 140,000 sales in 2023, to launch 2 new models, CEO says in internal letter". CnEVPost. Retrieved 3 March 2023.
  4. ^ Stefan Leichsenring (22 March 2021). "Geely gründet Elektromarke Zeekr, um gegen Tesla und Nio anzutreten". insideevs.de. Retrieved 27 April 2021.
  5. ^ Ruffo, Gustavo Henrique (3 October 2023). "ZEEKR's Main Mission Is to Detach From Lynk & Co, and ZEEKR X Represents the First Step". autoevolution. Retrieved 27 January 2024.
  6. ^ "ZEEKR: The Up-and-Coming Electric Vehicle Manufacturer Making a Big Impact on the Global Stage". The EV Report. 20 January 2023. Retrieved 23 January 2023.
  7. ^ Lorio, Joe (1 November 2023). "Zeekr CM1e Seeks to Be Waymo's Next Robo-Taxi". Car and Driver. Retrieved 15 January 2024.
  8. ^ Liao, Rita (9 October 2023). "Waymo-Zeekr robotaxi poised for US testing by end of 2023". TechCrunch. Retrieved 15 January 2024.
  9. ^ Bassett, Abigail (21 November 2022). "Waymo's new robotaxi is an all-electric people mover with no steering wheel". The Verge. Retrieved 15 January 2024.
  10. ^ Mick Chan (29 December 2021). "Zeekr, Waymo collaborate to develop autonomous ride-hailing electric vehicle for the United States". paultan.org. Retrieved 5 January 2022.
  11. ^ "Waymo reveals robotaxi based on Zeekr SEA-M platform". Motor Authority. 17 November 2022. Retrieved 3 March 2023.
  12. ^ "Mobileye and ZEEKR Expand Partnership to Enable Future of Cars | Mobileye News". Mobileye. Retrieved 3 March 2023.
  13. ^ Danny Tan (5 January 2022). "Zeekr, Intel's Mobileye to collaborate on autonomous cars – goal is world's first consumer L4 AVs by 2024". paultan.org. Retrieved 5 January 2022.
  14. ^ "CATL and ZEEKR sign five-year strategic cooperation agreement, first volume of Qilin batteries to power ZEEKR models". www.catl.com. Retrieved 3 March 2023.
  15. ^ "Geely's EV brand Zeekr raises $750 million in fresh funding round". Reuters. 13 February 2023. Retrieved 27 February 2023.
  16. ^ Or, Amy (10 May 2024). "Geely's EV Maker Zeekr Said to Raise $441 Million in US IPO". www.bloomberg.com. Retrieved 22 May 2024.
  17. ^ Andrews, Mark (14 August 2024). "Zeekr come in for criticism for launching another new 001 – just 6 months after the last". CarNewsChina.com. Retrieved 15 August 2024.
  18. ^ "Geely Holding restructures equity stakes in ZEEKR, Lynk & Co". Gasgoo. Retrieved 14 November 2024.
  19. ^ a b 澎湃新闻 (14 November 2024). "吉利旗下极氪、领克"整合"：极氪斥资超93亿元获领克51%股权". finance.sina.com.cn. Retrieved 14 November 2024.
  20. ^ a b 界面新闻 (14 November 2024). "极氪与领克合并，吉利从大扩张走向大整合". finance.sina.com.cn. Retrieved 14 November 2024.
  21. ^ "Volvo Cars sells 30 per cent stake in Lynk & Co to Zeekr". www.media.volvocars.com. Retrieved 14 November 2024.
  22. ^ "Zeekr's First European Showroom Opens in Stockholm". Zeekr Global. 16 November 2023. Retrieved 6 January 2024.
  23. ^ "China's EV maker Zeekr opens orders for two luxury cars in Sweden, Netherlands". Reuters. 28 June 2023. Retrieved 6 January 2024.
  24. ^ "Chinese EV maker Zeekr to enter Israeli market". ezhejiang.gov.cn. 12 July 2023. Retrieved 6 January 2024.
  25. ^ "Chinese EVs gain popularity as more brands and models reach Singapore shores". CNA. Retrieved 17 July 2024. Other Chinese EV brands like Xpeng and Zeekr are also set to hit the market this year.
  26. ^ Zhang, Phate (12 August 2024). "Zeekr to start building showrooms in Japan in Q4 for local market entry in 2025". CnEVPost. Retrieved 12 August 2024.
  27. ^ "Zeekr estreia no Brasil em setembro com os elétricos premium 001 e X". InsideEVs Brasil (in Portuguese). Retrieved 17 July 2024.
  28. ^ "중국 지리그룹 전기차브랜드 지커(Zeekr), 2025년 한국 상륙" [Chinese Geely Group's electric vehicle brand Zeekr arrives in Korea in 2025]. M투데이 (in Korean). 14 May 2024. Retrieved 21 July 2024.
  29. ^ Zhang, Phate (16 October 2024). "Zeekr enters Australian market with launch of Zeekr X electric SUV". CnEVPost. Retrieved 16 October 2024.
  30. ^ "Geely's upscale EV brand Zeekr announces foundation of Shanghai R&D center". autonews.gasgoo.com. Retrieved 6 January 2024.
  31. ^ "First European Showroom Opens in Stockholm". ZEEKR. 16 November 2023. Archived from the original on 12 December 2023. Retrieved 12 December 2023.
  32. ^ "About Zeekr". Zeekr. Archived from the original on 12 December 2023. Retrieved 12 December 2023.
  33. ^ "Zeekr to set up European HQ in the Netherlands". Automotive News Europe. 10 October 2023. Retrieved 6 January 2024.
  34. ^ Doll, Scooter (12 October 2023). "ZEEKR to move EU sales, marketing office to Netherlands". Electrek. Retrieved 6 January 2024.
  35. ^ "The Factory of the Future, ZEEKR's Intelligent Factory". Media Center - Zhejiang Geely Holding Group. Retrieved 3 March 2023.
  36. ^ Lorio, Joe (1 November 2023). "Zeekr CM1e Seeks to Be Waymo's Next Robo-Taxi". Car and Driver. Retrieved 15 January 2024.
  37. ^ "ZEEKR'S SEA-M ARCHITECTURE IS THE NEW ANSWER TO FUTURE MOBILITY". IoT Automotive News. Retrieved 3 March 2023.
  38. ^ Holmes, Freddie (10 September 2019). "Interview: Alain Visser, Chief Executive, Lynk & Co International". Automotive World. Retrieved 13 April 2024.
  39. ^ Matthew H Tong (7 January 2022). "Geely sold 1,328,029 cars in 2021, up 1% from 2020". paultan.org. Retrieved 7 January 2022.
  40. ^ Kuhudzai, Remeredzai Joseph (17 January 2023). "Geely Group Sales Of Electrified & Clean Alternative Fuel Vehicles Doubled To 675,000+ Units, 29% Of Sales". CleanTechnica. Retrieved 13 March 2023.
  41. ^ "【图】再创新高 极氪汽车12月交付13476台_汽车之家" [Zeekr Motors reaches new heights and delivers 13,476 units in December]. Autohome. 1 January 2024. Retrieved 1 January 2024.
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