ZEEKR enters Southeast Asia, are consumers in Indonesia and Malaysia ready?
AshleyJun 11, 2024, 02:54 PM
On June 8, ZEEKR officially announced its entry into the Indonesian and Malaysian markets, respectively signing cooperation agreements with PT Premium Auto Prima and Sentinel Automotive Sdn.Bhd.
ZEEKR is a sub-brand from China's GEELY Group, another familiar brand, proton, also belongs to GEELY. ZEEKR was established in March 2021, and its current products mainly include ZEEKR 001; ZEEKR 001 FR; MPV ZEEKR 009; ZEEKR 009 Grand and SUV ZEEKR X. It is reported that the right-drive versions of ZEEKR X and ZEEKR 009 will be entering Malaysia and Indonesia. And it is known that the first batch of right-drive ZEEKR X were offline in China on June 7, and are expected to be delivered overseas starting from the third quarter of this year.
With the support and assistance of GEELY, ZEEKR recently listed on the New York Stock Exchange on May 10, with a listing price of $28.26. As of the publication date, the stock price is $23.66. ZEEKR's management will hold an earnings teleconference at 8:00 AM Eastern Time on June 11, 2024, to announce unaudited financial results.
The global map of ZEEKR is constantly expanding. It is entering foreign markets through the production of complete vehicles (CBU) in China and cooperation with local dealers in foreign countries. ZEEKR has signed cooperation agreements with PT Premium Auto Prima in Indonesia, and with Sentinel Automotive Sdn. Bhd. in Malaysia, respectively, expanding the market with the assistance of local companies. The first stores in both countries are located in prosperous areas, specifically Jakarta in Indonesia and Kuala Lumpur in Malaysia.
Currently, ZEEKR has entered more than 25 markets globally, and is expected to enter over 50 international markets this year, covering Europe, Asia, Oceania, and Latin America. As of May 2024, ZEEKR delivered 18,616 vehicles globally, a year-on-year increase of 115%, and by the end of May 2024, the cumulative delivery of ZEEKR vehicles reached 264,397. In the materials released for this statement, ZEEKR described the Southeast Asian market with a population of 700 million as a new battlefield for car manufacturers, as well as the strategic stage for further advancing its expansion plans in Australia and the Middle East.
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