Zeekr, the premium electric vehicle brand of Geely Auto, saw its stock plummet by 5.50% in the intraday trading session on Thursday. This decline comes after the company missed its 2024 sales target of 230,000 units, delivering only 222,123 vehicles.
The underperformance of Zeekr reflects the broader challenges faced by the Chinese electric vehicle (EV) industry in 2024. Despite a late-year sales boom, carmakers faced uncertainties in both domestic and export markets. Factors such as a potential slowdown in domestic demand, trade tensions with key trading partners like the European Union, and a relentless price war contributed to the industry's headwinds.
However, Zeekr's parent company, Geely Auto, has set an ambitious sales target of 320,000 units for the Zeekr brand in 2025. This move signals the company's expectations of growth and potential recovery in the coming year, which could help regain investor confidence in the brand's prospects.
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