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China’s Luxury EV Market Is Slowing Down And It’s Not Looking Good

  • Premium EVs accounted for roughly 10% of all Chinese EV sales this year.
  • In 2025, car manufacturers will likely focus on updating existing models.
  • Just four months ago, premium EV maker Human Horizons collapsed.

For most of the past year, it’s seemed like every other week, a major Chinese car manufacturer has revealed a new and innovative premium EV. However, some analysts expect fewer all-new premium models to be launched in 2025 due to weakening demand across the local market.

China’s luxury EVs are usually priced over 300,000 yuan (about $41,000), with several different car manufacturers competing in this segment. These include Xpeng, Nio, Li Auto, Zeekr, and BYD. All of these brands produce compelling models, but the segment is small, and there’s limited potential for it to grow. The founder of CnEVPost, Phate Zhang, believes this will force companies to slow down their launches of new premium models.

Read: China’s HiPhi EV Startup Is In Trouble, As Parent Company Files For Bankruptcy

“I think automakers will slow down their launches of new premium models in 2025 and focus on upgrading their existing models,” he told the South China Morning Post. “This market segment is not easy to expand. Coupled with the overall slowdown in the EV market, sales of high-end EV models have faced considerable challenges this year.”

Vehicles in China’s premium EV segment accounted for roughly 10% of total EVs sold through the first 11 months of the year. While sales of these models have grown over recent years, this growth has started to slow, according to China Passenger Car Association data. Ongoing price wars are also making it difficult for new offerings to enter the market and prove competitive.

 China’s Luxury EV Market Is Slowing Down And It’s Not Looking Good
Li Auto L9

“Few of the companies have succeeded in entering the premium market, with most of the rest suffering from weak sales and huge investment losses,” Jiangxi New Energy Technology Institute researcher Zhang Xiang said. “This has set an alarm for the carmakers.”

Several local brands started to feel the pinch of slowing sales growth in 2024. Last August, Human Horizons filed for bankruptcy, having sold fewer than 8,000 of its premium EV models in 2023, while in December, Geely’s Jiyue EV brand was on the brink of collapse. While growth has slowed, China’s EV market is expected to swell considerably this year. In fact, sales of new-energy vehicles – which include BEVs, PHEVs, and FCEVs – may increase by 28% this year and hit 15.78 million sales.

 China’s Luxury EV Market Is Slowing Down And It’s Not Looking Good

Zeekr Bringing Three EVs To CES As It Sets Ambitious 2025 Sales Goal

  • The Chinese carmaker is bringing the 001 FR, 009, and Mix to CES this month.
  • Zeekr sold a record 222,123 vehicles in 2024.
  • Geely recently shuffled around its brands, meaning Lynk & Co now sits under the Zeekr umbrella.

Zeekr has no immediate plans to start selling its cars in the United States, but that doesn’t stop them from bringing a trio of their models to this month’s Consumer Electronics Show (CES) in Las Vegas. This will kick off what it hopes will be a year of record-breaking sales that may help establish it as one of China’s most important premium EV brands.

Attendees at CES will have the opportunity to see the Zeekr 001 FR, 009 Grand, and Mix from up close. The company is also scheduled to host a press conference and panel discussion were it’s expected to announce several new technologies and provide further details about its ongoing global expansion.

Read: Zeekr 001 FR Debuts With Four Motors, Tank Turns And 1,248 HP

This isn’t the first time the Chinese carmaker made an appearance at CES. It brought the 001 to the show in 2023 and last year, had the 007 sedan on display and announced a technology partnership with Intel.

 Zeekr Bringing Three EVs To CES As It Sets Ambitious 2025 Sales Goal
Zeekr Mix

Zeekr has big plans for 2025, as it’s aiming to deliver 320,000 vehicles. This represents a 44% increase over the 222,123 vehicles it delivered last year, an impressive figure when you consider it’s only been three and a half years since the brand launched the 001.

More: The New Zeekr Mix Is China’s Space-Age Answer To VW’s ID. Buzz

Its sales increased dramatically throughout 2024. In December alone, it delivered 27,190 vehicles, a fourth consecutive record month of sales and more than double the number of cars it sold in December 2023. During the fourth quarter, deliveries hit 79,250.

The company is charging into 2025 shortly after it was announced that Geely would shift Lynk & Co under the Zeekr umbrella. These two brands aim to grow cumulative sales to 1 million over the coming two years. This won’t just necessitate a big increase in sales at Zeekr, but also at Lynk & Co. During the January-November 2024 period, Lynk & Co delivered 259,356 vehicles, a 33.31% increase over the year prior.

 Zeekr Bringing Three EVs To CES As It Sets Ambitious 2025 Sales Goal
Zeekr 009

The New Zeekr Mix Is China’s Space-Age Answer To VW’s ID. Buzz

  • Zeekr has launched the futuristic and luxurious Mix, an electric minivan starting at $39,315 in China.
  • It features a streamlined design and double sliding doors with a 58.3-inch wide opening.
  • The interior is well-equipped, offering a 13-inch digital instrument cluster and a 15-inch infotainment system.

Zeekr isn’t a stranger to vans, but their latest is far more futuristic than the 009. It’s known as the Mix and the model starts at ¥279,900 ($39,315) in China. If you’re wondering where it stands, think of it as a competitor to the VW ID. Buzz—but without the hefty price tag.

Billed as an “everyday car of the future,” the model has a “capsule-shaped” design that is said to draw inspiration from the Tiangong space station. That’s hyperbole at its best, but the Mix does look a little out of this world thanks to a streamlined aesthetic and an “Arc Sky” curved roof that features a massive glass panel.

More: New Zeekr 7X Wants To Take Down The Tesla Model Y

The model is also notable for having a Stargate light curtain that spans 95 inches (2,413 mm) and consists of more than 1,960 LEDs. It can display messages, perhaps to the Goa’uld, via a “magic canvas” function.

Rounding out the highlights are flush-mounted door handles, a hidden rear wiper, and 19- or 20-inch wheels. They’re joined by unique double sliding doors that provide a 58.3-inch (1480 mm) wide opening. To get around the lack of a traditional B-pillar, the doors have two ultra-high-strength steel pillars embedded within them.

In terms of size, the Mix measures 184.6 inches (4,688 mm) long, 78.5 inches (1,995 mm) wide, and 69.9 inches (1,775 mm) tall with a wheelbase that spans 118.4 inches (3,008 mm). That means the model is significantly shorter than minivans such as the Honda Odyssey, but has a similar wheelbase.

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Moving into the cabin, Zeekr wanted to create a “welcoming ambiance similar to your own living room.” As part of this effort, there’s an S-shaped dash that features a 13-inch digital instrument cluster and a 15-inch infotainment system.

More notably, there are electric front seats that can swivel 270 degrees and face rear seat occupants. They’re covered in Nappa leather and feature heating, ventilation and massage functions.

The front seats are separated by an electric center console, which slides back and forth on a 6.5 foot (2 meter) long rail. It can be equipped with a refrigerator as well as an assortment of accessories including large and small tables.

 The New Zeekr Mix Is China’s Space-Age Answer To VW’s ID. Buzz

The rear seat is the star of the show as it offers tons of legroom as well as heating, ventilation and massage. The right rear seat also has an electric leg rest as well as an available electric footrest on the back of the front seat.

Other highlights include a flat floor, a microfiber headliner, and a 21-speaker audio system. They’re joined by a 50w wireless smartphone charger, a fragrance system, and a spacious cargo area that features a 220V outlet as well as room for 20 cubic feet (568 liter) of luggage.

The Mix rides on the SEA-M architecture and features 800V technology as well as two different battery packs. The smaller of the two is a 76 kWh lithium-iron-phosphate unit that provides a CLTC range of 342 miles (550 km). When low, the battery can go from a 10% to 80% charge in just 10.5 minutes.

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Customers needing more range can opt for a 102 kWh nickel manganese cobalt battery pack, which can go more than 435 miles (700 km) between charging sessions. When it needs to be replenished, a 15 minute stop can deliver up to 311 miles (500 km) of range.

The batteries power a rear-mounted motor producing 416 hp (310 kW / 421 PS) and 324 lb-ft (440 Nm) of torque. This enables the model to accelerate from 0-62 mph (0-100 km/h) in 6.8 seconds.

An assortment of driver assistance systems come standard including adaptive cruise control, automated parking, blind spot warning, and a surround view camera system. The Mix also sports a Lidar sensor and can be equipped with a High-Speed Autonomous Pilot Assist system.

 The New Zeekr Mix Is China’s Space-Age Answer To VW’s ID. Buzz
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