Aug 15, 2024 07:53 PM
BUSINESS
EV-Maker Zeekr Irks Customers With All-Too-Frequent Upgrades
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
Customers check out Zeekr’s 001 and 007 models on May 1 at a mall in Jiaxing, East China’s Zhejiang province. Photo: VCG
Chinese electric-car maker Zeekr Intelligent Technology Holding Ltd. is facing backlash from customers claiming that the company’s practice of frequently upgrading its models is eroding their trust in the brand.
On Tuesday, Zeekr, a subsidiary of Zhejiang Geely Holding Group Co. Ltd., unveiled the 2025 versions of its 001 and 007 pure electric sedans, including a huge discount for the latter compared with the previous model.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- Customers are upset with Zeekr for frequently upgrading models, feeling it undermines brand trust.
- Zeekr's new 2025 versions of the 001 and 007 feature advanced tech, including Nvidia chips and ultra-fast charging.
- Despite announcing ambitious sales targets and plans for global expansion, Zeekr faces challenges in a competitive NEV market, with a recent loss but strong revenue growth.
AI generated, for reference only
Who’s Who
- Zhejiang Geely Holding Group Co. Ltd.
- Zhejiang Geely Holding Group Co. Ltd. is the parent company of Zeekr Intelligent Technology Holding Ltd., a Chinese electric-car maker. Geely is a major player in the automotive industry, and its subsidiary Zeekr offers various electric vehicles including the 001, 007 sedans, the 009 multipurpose vehicle, and the X SUV. Geely is pushing for global expansion and technological advancements in its vehicle lineup.
- Zeekr Intelligent Technology Holding Ltd.
- Zeekr Intelligent Technology Holding Ltd., a subsidiary of Zhejiang Geely Holding Group Co. Ltd., produces electric vehicles like the 001 and 007 sedans. The company faces customer backlash for frequent model upgrades and price changes, impacting trust. Zeekr aims to sell 230,000 cars in 2024 and is expanding globally. Challenges include competition in China’s saturated NEV market and the rise of plug-in hybrids. Zeekr registered a loss of 2 billion yuan in Q1 2023.
AI generated, for reference only
What Happened When
- 2021：
- Zeekr’s first model 001 was brought to the Chinese market.
- December 2023：
- Zeekr added the 007 model to its lineup.
- First Quarter of 2024：
- Zeekr registered a loss of 2 billion yuan ($280 million), narrowing by 18% year-on-year, while revenue surged 71%.
- First seven months of 2024：
- Sales of plug-in hybrids in China soared 84.5% year-on-year to about 2.4 million vehicles, while sales of pure EVs increased by 10.1% to approximately 3.6 million.
- Seven months through July 2024：
- Zeekr delivered about 104,000 cars.
- July 2024：
- AlixPartners report projected China’s NEV brands to consolidate from 137 to just 19 by 2030.
- Late February 2024：
- Zeekr launched the last version of the 001 model before the 2025 upgrades.
- April 2024：
- Zeekr upgraded the basic version of the 007 model with more features including heated rear seats and a high-end sound system.
- Tuesday, August 13, 2024：
- Zeekr unveiled the 2025 versions of its 001 and 007 pure electric sedans.
AI generated, for reference only
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新