(Yicai) Aug 23 – China’s Zeekr Intelligent Technology, an electric vehicle maker owned by Geely Holding Group, has revealed an ambitious sales target of 650,000 cars by 2025.

"From now on, Zeekr will put two new models on the market every year to meet the needs of various market segments," An Conghui, chief executive of the new energy vehicle brand, said during the Hangzhou-based parent's first-half performance conference yesterday.

Stiff competition in the NEV industry might drive manufacturers to further cut their prices, according to An. Especially, rivalry in the segment of cars worth around CNY200,000 (USD27,500) is expected to be intense, the CEO of the premium brand mostly selling cars worth over CNY300,000 added. In the first half, Zeekr delivered nearly 43,000 vehicles, more than doubled from a year ago.

The marque will continue to expand its global scope to six countries next year and reach eight by 2025, An said, adding that the firm entered Europe in June to sell cars in Sweden and the Netherlands.

The auto market has been sluggish this year and the parent, which also makes gas-powered cars, is not protected from the impact as from January to June, Geely Auto recorded a 1 percent increase in net profit to CNY1.6 billion (USD219.4 million) from a year earlier. Revenue rose by 26 percent to CNY73.2 billion (USD10.1 billion).

However, Geely's NEV brands, including Zeekr, Geely, Lynk & Co., and Livan, sold 158,000 vehicles, up 44 percent. Electric cars accounted for 23 percent of the parent's sales compared with an 18 percent share logged a year ago.

Editor: Emmi Laine