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Geely Automobile Holding's (OTC:GELYY) electric car subsidiary, Zeekr, reportedly plans to double its car deliveries in 2024, aiming to reach 230,000 vehicles.
This goal comes on the heels of launching its fourth model, the Zeekr 007 sedan, in December. Zeekr is not just focusing on increasing sales domestically but is also looking to expand its presence in Europe, the Middle East, and Asia this year, reported Reuters.
In 2023, Zeekr witnessed a substantial increase in sales, delivering 118,685 cars, marking a 65% rise from the previous year.
As per the report, the company fell short of its target of 140,000 units, partly due to intense competition and a price war involving over 40 brands in China, the world's largest auto market.
Zeekr postponed its U.S. IPO plans in November last year due to valuation discrepancies and increasing market instability.
Also Read: Chinese Automaker Geely's EV Brand Zeekr Launches Rapid-Charge Batteries: Report
Price Action: GELYY shares closed higher by 0.26% at $21.38 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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