Zeekr, a Chinese electric vehicle (EV), manufacturer (NYSE: ZK), has announced a breakthrough in battery technology. It claims that its new batteries are faster than all other OEMs, including Tesla.
The company’s latest invention marks a significant step forward in the EV sector, addressing the two biggest concerns of consumers — charging time and range anxiety.
Zeekr vs. Tesla – Who is the winner
In a press release issued this morning, Zeekr revealed its new batteries could charge from 10% to 20% in just 10.5 minutes using its ultra-fast charging station.
This performance is superior to Tesla Inc.’s (NASDAQ: TSLA), whose cars require 15 minutes to reach 50%.
Zeekr’s rapid charging ability makes it a formidable competitor on the global EV Market.
Zeekr also highlighted that their new batteries are designed for extreme temperatures. They can charge up to 80% of their capacity in 30 minutes, even at minus ten degrees Celsius.
Zeekr stock did not move much in Tuesday’s premarket trading despite this promising news.
Zeekr’s shares are down about 50%
Zeekr reaffirmed, in conjunction with the announcement of the battery, its commitment to expanding ultra-fast charging infrastructure which is crucial for widespread EV adoptance.
Deliveries of the 2025 007 sedan, which will feature the new battery tech, are set to begin next Monday.
Zeekr operates more than 500 ultra-fast chargers in mainland China.
The company plans to almost double this number by year’s end, and aims to operate more than 10,000 fast charging stations around the world by 2026.
Zeekr stock is still down 50% from its high of early January.
Zeekr will deliver 230,000 vehicles in this year
Zeekr, a Chinese electric vehicle company listed on the US stock exchange, led all other Chinese EV companies by vehicle deliveries in the first half 2024.
The company delivered 20,106 vehicles in June, a record. However, deliveries fell slightly in July.
Zeekr’s first quarter financial results of 2024 reflect this strong performance.
Zeekr reported losses of RMB 2,02 billion ($280 million) for Q1, an improvement of 18% from the previous quarter and a reduction by 31% from Q4.
Andy An, CEO of Zeekr, addressed investors. He said, “We will continue to push the limits of intelligent and autonomous technologies, build out our ecosystem for ultra-fast charging, and expand our channels services, boosting competitiveness on every front.” Zeekr is well positioned to drive sustainable global growth.”
The company is on track to deliver 230,00 vehicles this year. Wall Street analysts continue to maintain a consensus ‘buy’ rating on Zeekr, with an average target price of $32, which indicates a potential gain of more than 100% from current levels.
Zeekr, which continues to innovate and expand its global footprint in battery technology, is well positioned to compete with established players such as Tesla in the highly-competitive EV market.
Zeekr’s focus on rapid charging technology and intelligent vehicle technologies will help it achieve sustainable growth and cement its position as an industry leader.
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