Chinese Tesla rival launches fast-charging electric vehicle

This car is licensed to kill its competition.

The electric vehicle market has been taking some hits lately amid concerns about inflation, infrastructure and pricing. 

Related: New report predicts what the electric vehicle market will look like in 2024

EVs generally cost more than conventional vehicles, but research by Cox Automotive found that the gap is narrowing. 

The first batches of #ZEEKR007 rolled off the production line and is ready for delivery! pic.twitter.com/BQCkCzyzOm— ZEEKR (@ZEEKRGlobal) December 23, 2023

The average transaction price for electric cars was $53,469 in July, compared with gas-powered vehicles at $48,334.

Pricing will always be important to consumers and if you're looking for a fast-charging electric vehicle for around 30,000 bucks, then zeek and you're liable to find the Zeekr 007.

Zeekr, a subsidiary of Geely Holding Group officially rolled out the Zeekr 007 at a launch event on Dec. 27 in Hangzhou, Zhejiang province.

The Zeekr 007 debuted on the first day of the Guangzhou auto show on Nov. 17.

The company’s first mass-market EV, which bears super spy James Bond's code name, will be delivered to the 51,569 customers who have already placed pre-orders and go through with their purchases.

The sedan starts at $29,340 and is set to compete against the Tesla  (TSLA) - Get Free Report Model 3, which sells for about $39,000.

Zeekr said the new vehicle has an 800V electrical architecture that can add 500km (310 miles) of driving range within just 15 minutes.

CEO confident about 007's success

The Zeekr 007 is the brand’s first model to adopt an integrated mega-casting rear-end aluminum body with a torsional stiffness of 43,500 N·m/deg, according to Electrek. 

The sedan is also the first to feature Zeekr’s new in-house developed audio system and ADAS consisting of one LiDAR sensor, 12 HD cameras, and five millimeter-wave radars.

The interior of #ZEEKR007 pic.twitter.com/3WffGEyn3R— Geely Group (@GeelyGroup) December 20, 2023

Zeekr will also offer a long-range variant of the new sedan that features Qilin batteries from CATL. That model promises a 870km (540 miles) of China light-duty vehicle test cycle (CLTC) range.

In total, Zeekr will offer five different price variants of the Zeekr 007, including two single-motor versions and three dual-motor four-wheel drive versions.

The two least expensive versions of the Zeekr 007 are the single-motor rear-wheel-drive versions.

Deliveries of the model will begin on Jan. 1 and CEO Andy An told reporters in a post-launch interview that Zeekr's goal is for the Zeekr 007 to become a benchmark model in its segment.

"Several generations of Geely-developed sedans have been very successful and we are very confident about the Zeekr 007," An said, according to CnEVPost.

The Zeekr 007's smart cockpit is powered by a Qualcomm Snapdragon 8295 chip that supports the Kr GPT AI, which enables the system with smart features including searching news, doing translations and scheduling.

This will be the brand's first car to feature Zeekr's own assisted driving system. The company's other models use Mobileye's smart driving chips and assisted driving systems based on it.

Get exclusive access to portfolio managers’ stock picks and proven investing strategies with Real Money Pro. Get started now.