Geely-backed Zeekr is launching an electric SUV to compete directly with Tesla’s Model Y.
Zekel
electric car company Zekel Tesla announced on Friday that it will launch its first SUV in China next month, which will lower the price of Tesla Model Y in China by more than $1,400.
Priced at 239,900 yuan ($33,829), the Zeekr 7X is the Chinese EV maker’s first mid-size electric SUV and will be available on September 20.
It is the latest Chinese electric car to compete with the Tesla Model Y, which is also being challenged by Xpeng Motors and NIO. Zeekr plans to deliver 7X globally by the end of this year. The company said the launch was targeted at global markets but did not specify specific regions.
The five-seater Zeekr 7X SUV comes with two battery options, allowing users to travel between 605 kilometers and 780 kilometers (approximately 376 to 485 miles) on a single charge. The lithium-ion phosphate battery developed by Zeekr engineers can be charged to 75% in just 10.5 minutes, the company said.
Zeekr has said in the past that its latest batteries charge the fastest in the world, beating Tesla.
The company said it aims to Tesla’s Model Y, also a five-seater, equipped with the new 7X, can accelerate from 0 to 100 kilometers per hour in only 3.8 seconds.
Tesla’s Model Y, which starts at 249,900 yuan ($35,240), is one of best selling electric cars In China, according to data posted by user Tslachan on X.
China’s electric vehicle market is in the midst of a fierce price war. Just this week, Xpeng Motors The Mona M03 is announced for the mass market, with prices starting at just under $17,000. In May, Chinese brands Nioh Launched low-cost brand Onvo, with cars priced $4,000 cheaper than Tesla Model Y.
As early as March 2024, Millet Tesla launched the SU7 at a price of 215,900 yuan ($30,408), beating the Tesla Model 3’s price of 245,900 yuan ($34,676). Xiaomi CEO Lei Jun admitted at the time that the price meant every car would be sold at a loss.
As Chinese electric carmakers continue to roll out new models at cheaper prices, it appears increasingly difficult for the U.S. automaker to maintain its competitive advantage. 2024 US initial quality study Information released in June this year showed that Tesla even lost its lead over traditional automakers due to quality issues.
On the other hand, compared with Chinese automakers, it is relatively easier for Tesla to get rid of the 9% tariff imposed by the EU on Chinese imports, especially the up to 36% tariff imposed by the EU on Chinese imports. State Administration for Industry and Commerce.
The price of Tesla’s Model Y in China has not changed for nine consecutive weeks.
In July, Zeekr sold 15,655 vehicles, an increase of 30% year-on-year, while Tesla sold 46, 227 vehicles, an increase of 47% over the same period last year.
Zeekr also entered Hong Kong last month, and the company plans to A right-hand drive version of the 7X will be launched next year.
—CNBC’s Evelyn Cheng contributed to this report.
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