Geely's Zeekr Outpaces Tesla in Chinese Markets, Eyes Global Expansion

In a remarkable turn within the electric vehicle (EV) market in China, Zeekr, a luxury EV brand financially supported by Geely, has reportedly exceeded Tesla in sales across certain Chinese locales. Zeekr's Chief Executive Officer, Andy An, in a statement to CNBC, has claimed the brand's triumph over TSLA in parts of the region. This comes as a significant milestone considering Tesla, Inc., an esteemed American EV and clean energy firm located in Palo Alto, California, has been a dominant force in the EV arena, leading the plug-in and battery electric passenger car markets in 2020 with a sizeable market share.

Zeekr's Success and Tesla's Market Position

Tesla's market leadership, with 16% of the plug-in market and 23% of the battery-electric market, has been well-documented, highlighting the company's influence and innovative drive in the sector. The company's portfolio extends beyond electric cars, encompassing battery energy storage solutions ranging from residential to grid-scale, as well as solar panels and roof tiles. Tesla's subsidiary, Tesla Energy, is not only striving in the solar photovoltaic energy generation landscape in the United States but is also recognized as one of the leading suppliers of battery energy storage systems globally, with an impressive 3 GWh of battery storage delivered in 2020.

Zeekr's Expansion Plans

However, Zeekr CEO's announcement signals a shift in consumer preference in certain areas of China. Zeekr is not only conquering the Chinese market but also has ambitious expansion strategies set for the current year. The brand is targeting markets in Europe and Latin America, areas where Tesla has also been competing vigorously. If Zeekr's plans come to fruition, the brand could establish a significant foothold in these new territories, potentially altering the competitive landscape of the EV industry.

Zeekr, Tesla, EV