New York Stock Exchange-listed luxury electric vehicle (EV) brand Zeekr officially launched in Singapore at the ArtScience Museum on Thursday (Aug 1).
Its debut here, where it is the first Chinese luxury brand to establish a presence, comes ahead of a major push in the region.
At the event, Mars Chen, vice-president of Zeekr, told The Business Times that it aims to enter Indonesia by the fourth quarter of 2024, and then Australia, Malaysia, Japan and South Korea in 2025.
The brand already debuted in the Philippines in June, and Thailand in July.
Zeekr appointed Audi dealer Premium Automobiles as its distributor in December 2023, but Chen added that it has also signed the company as its Indonesian distributor.
While mainstream Chinese car brands – such as BYD – have been expanding their presence in the Asia-Pacific, Zeekr is one of the few competing in the mainstream luxury segment against the likes of BMW and Mercedes-Benz.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
While a number of EV-centric Chinese car brands have arrived in Singapore in the past 12 months, including GAC Aion, Great Wall Motor, Omoda, and Smart, none compete in this segment. Meanwhile, Zeekr’s key luxury Chinese competitors, Nio and Denza, have not yet arrived.
Launching the brand in Singapore was “definitely a must”, added Chen, because of the high percentage of luxury-car sales and EV registrations.
In the first six months of 2024, 32.4 per cent of new passenger car registrations were EVs, while BMW and Mercedes-Benz were the third and fourth best-selling brands, respectively, after Toyota and BYD.
Regional potential
“EV adoption is becoming higher in the Asia-Pacific region, and that indicates a lot of potential to us,” said Chen.
When questioned about Zeekr’s sales targets in Singapore and the region, he said that Zeekr, as an ambitious company, aims to be the leader in its segment.
But he also emphasised that as a new brand with no heritage, Zeekr would need to gradually build its profile.
“We have to set up a solid foundation, with good pricing and after-sales support first, for example. It’s not just about volume. We are one of the few luxury brands from China; we have to win customers’ trust,” he noted.
He estimates that Zeekr sales will range from 1,000 to 10,000 units in each of its Asia-Pacific markets over the next 12 months, depending on size.
Premium Automobiles managing director Lee Hoe Lone said that Zeekr’s target audience are those who want a luxury automotive experience comparable to established brands, but who are not as badge-conscious.
He said that the strong technology base from parent conglomerate Geely, the European design, a high level of quality and in-car technology will give the brand an advantage in Singapore’s competitive EV and luxury segments.
The brand’s first model is the Zeekr X, a small sport utility vehicle (SUV), which has been on sale here since mid-July.
It is available as a rear-wheel drive or an all-wheel drive version, priced at S$199,999 and S$214,999, with Certificate of Entitlement, respectively.
Luxe game on
The Zeekr showroom will be located at 9 Leng Kee Road. The former Audi pre-owned premises is currently undergoing a S$4 million renovation, which is expected to be completed by the end of August.
Premium will also set up a dedicated after-sales facility for Zeekr in Ubi.
In September, it will launch the Zeekr 009, a large multi-purpose vehicle, which will occupy a higher price point than the Zeekr X and possibly pack luxury features such as massage seats and a 17-inch organic LED screen capable of in-car video conferencing.
Further on, it will also launch the 7X, an SUV that competes with the Tesla Model Y.
But Zeekr will soon face heat from its home country as well. Denza, BYD’s luxury brand, will launch its first model in Singapore in October, the D9, which is a direct competitor to the Zeekr 009.
Victor Kwan, previously a senior motor trader and now senior lecturer with the Singapore University of Social Sciences, said: “Zeekr has a strong corporate parent in Geely. Given time and with smart marketing, there are opportunities for it to establish itself in the local market. (Singaporeans are) already accepting Chinese brands as legit mass-market alternatives, though we are still some way off from accepting them in the luxury space.”
