Chinese electric vehicle (EV) manufacturer Zeekr (NYSE: ZK) has announced a groundbreaking advancement in battery technology, claiming its new batteries outpace all other original equipment manufacturers (OEMs), including Tesla, in terms of charging speed.
The company’s latest innovation marks a significant leap forward in the EV industry, addressing two of the biggest concerns for consumers—charging time and range anxiety.
Zeekr vs. Tesla: Who is the winner?
In a statement released this morning, Zeekr revealed that its new batteries can charge from 10% to 80% in just 10.5 minutes at its ultra-fast charging stations.
This performance surpasses Tesla Inc. (NASDAQ: TSLA), whose vehicles require approximately 15 minutes to charge up to 50%.
The rapid charging capability of Zeekr’s batteries positions the company as a formidable competitor in the global EV market.
Additionally, Zeekr highlighted that its new batteries are designed to perform in extreme temperatures, charging up to 80% in just 30 minutes even at minus 10 degrees Celsius.
Despite this promising news, Zeekr’s stock showed little movement in premarket trading on Tuesday.
Zeekr’s stock remains down about 50%
In conjunction with the battery announcement, Zeekr reaffirmed its commitment to expanding its ultra-fast charging infrastructure, which is crucial for widespread EV adoption.
The company’s 2025 007 sedan will be the first vehicle to feature the new battery technology, with deliveries set to begin next week.
Zeekr currently operates over 500 ultra-fast charging stations across mainland China.
The company plans to nearly double this number by the end of the year, aiming to operate more than 10,000 ultra-fast charging stations worldwide by 2026.
Despite these ambitious plans, Zeekr’s stock remains down about 50% from its year-to-date high in early January.
Zeekr to deliver 230,000 vehicles this year
In the first half of 2024, Zeekr led all other US-listed Chinese EV companies in vehicle deliveries.
The company set a record in June with 20,106 vehicles delivered, though deliveries dipped slightly in July.
This strong performance was reflected in Zeekr’s financial results for the first quarter of 2024.
Zeekr reported a loss of RMB 2.02 billion ($280 million) in Q1, an 18% improvement from the previous year and a 31% reduction from Q4.
CEO Andy An addressed investors, stating, “We’ll continue to push the boundaries of intelligent and autonomous technology, build out our ultra-fast charging ecosystem, and expand our channel services, boosting our competitiveness on all fronts. Zeekr is well-positioned to drive sustainable, global growth.”
The company remains on track to deliver 230,000 vehicles this year. Wall Street analysts maintain a consensus “buy” rating on Zeekr stock, with an average price target of $32, indicating potential for more than a 100% gain from current levels.
As Zeekr continues to innovate in battery technology and expand its global footprint, the company is poised to challenge established players like Tesla in the highly competitive EV market.
With its focus on rapid charging and intelligent vehicle technology, Zeekr aims to drive sustainable growth and solidify its position as a leader in the electric vehicle industry.
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