Dubai, UAE – Chinese electric vehicle brand Zeekr is set to make its debut in the Middle East as it enters the Israeli market in the fourth quarter of this year, Bloomberg reported.
Zeekr, a subsidiary of Zhejiang Geely Holding Group, has partnered with Israeli distributor Union Group to establish a sales network for its vehicles. The company plans to offer its 001 sedan and X sport utility vehicle in Israel.
While pricing details for the Israeli market have not yet been disclosed, the 001 is priced at €59,490 ($65,230) in Europe, positioning it as a competitor to Tesla’s Model Y, while the X is marketed in a similar category as Mercedes-Benz’s EQA, with a price tag of 44,990 euros.
Zeekr has already expanded into the European market, with recent forays into the Netherlands and Sweden. The brand is eyeing other markets in the Middle East for potential expansion. Zeekr aims to be among the top three premium electric vehicle brands in Europe by the end of the decade.
The Middle East, with its oil-rich countries seeking clean energy investments, has become an attractive market for Chinese EV manufacturers.
Last month, the Abu Dhabi government acquired a 7 percent stake in Nio Inc., another Chinese electric vehicle company, while Saudi Arabia signed a $5.6 billion deal with Shanghai-based Human Horizons to develop electric vehicles.
Founded in 2021, Zeekr sold over 70,000 electric vehicles in China last year, primarily driven by the popularity of its 001 model. The company has since expanded its lineup with the addition of the X SUV and 009 minivan.
In terms of funding, Zeekr confidentially filed for a potential listing in the United States last year and raised $750 million in Series A funding in February. Investors in the funding round included Contemporary Amperex Technology (CATL), the world’s largest EV battery maker, and Israeli billionaire Amnon Shashua, the CEO of autonomous vehicle technology firm Mobileye.