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" Lower the target, thicken the product "
Author | Gong Chenyan
Editor | Li Guozheng
Produced by | Baoning Studio (gbngzs)
The weekend after the National Day holiday, the customer traffic at a shopping mall in Shunyi, Beijing, was quieter than usual. At 9 PM, some stores began to close before their official closing time, but the lights were still on at the Zeekr Center here.
In the showroom, several families dispersed around the Zeekr 7X, 007GT, and 9X. Some sat in the rear seats, measuring legroom; others chased sales consultants, asking about the details of the November new car update.
Sales Consultant Zhang Xing ((Pseudonym)) said that at this time, with this traffic volume, it would have been unimaginable a year ago.
In the summer of 2024, when the store opened, Zhang Xing joined. He remembers very clearly: in the first few months, nine out of ten people entering the store started by asking, "What brand is Zeekr?" Even someone pointed at the storefront sign, pronouncing "Zeekr" as "Ji Yan".
At the beginning of his employment, Zhang Xing started his daily work with brand education: Under Geely, established in 2021, headquarters in Hangzhou... Two years later today, he no longer needs to repeat that introduction. Most customers come in and directly discuss specs, prices, and test drives.
This change is also reflected in the numbers. Official Zeekr data shows that 37,200 new vehicles were delivered in September this year, a 103.85% year-on-year increase. Deliveries from January to September reached 288,400 vehicles, a 100.84% year-on-year increase—exactly doubled. Calculated against an annual target of 300,000 vehicles, the completion rate after 9 months reached 96.1%.
This achievement can be considered unique in the industry. Data from the China Passenger Car Association shows that in the first 9 months of this year, retail sales of passenger vehicles nationwide decreased by about 22% year-on-year, and single-month retail sales in September dropped by 24%.
According to incomplete statistics by Baoning Studio previously, in the first three quarters, the completion rate of annual targets for mainstream automakers was mostly around 50%. Better ones were above 60%. Brands like Changan, Great Wall, Xiaomi, and XPeng just crossed the 50% line.
In 2025, Zeekr stated an annual sales target of 320,000 vehicles. By the end of the year, deliveries reached 224,100 vehicles, with a completion rate just over 70%. This year, Zeekr lowered its annual target to 300,000 vehicles, yet the completion rate in the first three quarters exceeded 96%. It could be fully achieved by mid-October, reaching the annual target 2 and a half months ahead of schedule.
▍01
Volume and Price Rise Together
Looking back at recent years, Zeekr has at least 3 mysteries—sales have surged significantly 3 times.
Public data shows that the brand delivered 6,007 vehicles in 2021, surged to 71,900 in 2022, skyrocketed to 118,700 in 2023, and suddenly rose to 222,100 in 2024.
However, 2025 sales were relatively quiet at 224,100 vehicles, basically flat compared to 2024, slightly more than 2,000 vehicles.
This year, Zeekr's performance was amazingly like a mystery again—delivering 288,400 vehicles in the first 9 months, instantly pulling the 5-year climbing curve into a steep rising line.
During this period, Zeekr's offline network expanded widely.
According to Zhang Xing, all Zeekr stores in Beijing are direct-operated stores. There are currently over 25, more than 10+ since he joined in 2024, nearly doubled; there are currently 7 service centers, and another service center will be added in the Nafaxin area of Shunyi after the new year.
His Shunyi store covers 3 suburbs of Beijing—Shunyi, Miyun, and Huairou. They sell an average of more than 50 vehicles a month, which is quite good for suburban stores, while flagship city stores sell over 100 a month. "At this time last year, the whole brand sold less than 20,000 vehicles a month. In September this year, it rose to 37,200 vehicles."
As sales volume shoots up, the price band also goes up—two opposing things in the eyes of competitors, which Zeekr accomplished simultaneously.
Geely Automobile's 2026 Semi-Annual Report shows that the Zeekr brand sold 178,000 vehicles in the first half of the year. With a 12.5% sales share of the group, it contributed 31.7% of revenue, with an average customer unit price around 350,000 yuan.
In August this year, the average unit price reached 370,000 yuan. This means Zeekr's transaction volume has crossed the threshold of traditional luxury brands and bumped into the heartland of BBA (Mercedes-Benz, BMW, Audi).
From the product matrix, Zeekr 7X is a solid volume driver. Priced at 229,800 to 269,800 yuan, it achieved global monthly sales of over 10,000 consecutively in July, August, and September. Listed for over a year, it has surpassed 200,000 global deliveries. At Zhang Xing's store, the 7X contributed nearly 30% of single-month sales.
The Shooting Brake 007GT also achieved monthly sales over 10,000 for consecutive months, supporting the young customer segment.
Looking further up, Zeekr 9X has been listed for a year, with over 70,000 deliveries. Single-month deliveries in September reached 7,225 vehicles, with an average unit price exceeding 530,000 yuan.
Zeekr 009 holds the first place in the 400,000 yuan and above pure electric MPV segment.
This has become another Zeekr mystery: Why can high prices still increase volume?
"Zeekr has mastered core technologies, mature whole vehicle platforms, 900V super charging, and assisted driving. This 9X model fills a market gap. The luxury car market was BBA's. Zeekr cars have high cost performance and high tech content. There are no direct competitors in that price segment," said Zhang Xiang, Guest Professor at Yellow River University of Science and Technology, to Baoning Studio.
He believes that based on this year's performance, Zeekr's quality is guaranteed with a good reputation. It actively solves quality issues when they arise, catching both technology and market sides, which is why growth is fast.
More detailed changes are happening in sales pitches.
Those familiar with Zeekr remember its "old accounts." In August 2023, Zeekr 001 price cut by 30,000 to 37,000 yuan, lowering the starting price from 300,000 yuan to 269,000 yuan. Then within half a year, in August 2024, a facelift was launched with added features and lower prices. The saying "three moves in a year" spread in the owner group, and rights protection voices once surpassed new car voices.
Now, when Zhang Xing receives consumers, he lays out the pacing clearly a quarter in advance. For example, if 7X plans a November update, he informs customers coming to the store since August, explaining the current model's status and where the new model changed.
"Zeekr cares more about model upgrades and existing owner rights protection than before. Its most criticized flaw is being fixed bit by bit," an industry insider stated.
▍02
Flowering Beyond the Wall
One answer to Zeekr's mystery this year—achieving 96% of the annual target in the first 9 months—is that this year added a strong incremental source: the overseas market.
"2026 is Zeekr's Export Explosion Year. Export volume increased by 550%. Exports made the biggest contribution to sales and revenue. The domestic market is shrinking. Exports pulled its overall growth," Zhang Xiang said. Domestic retail market has had negative growth for consecutive months. Exports have become a common choice for automakers to hedge against the coldness of the domestic market. Zeekr's rhythm exactly hit the beat of this industry shift.
Zeekr's overseas steps are not small. On August 14, 2026, Geely Automobile Group released news that on August 11, Zeekr brand achieved a delivery milestone of 10,000 vehicles in the Australia (should be Oceania) market, with a year-on-year increase of over 1400%. In the Middle East market, on September 22, a batch of Zeekr 9Xs loaded for shipment from the Jinjiang Port in Fuzhou to the UAE. Thus, 9X orders in the UAE have exceeded 700, with a starting price locally equivalent to about 700,000 yuan.
In Europe, 9X pricing in Germany is nearly 100,000 euros, equivalent to about 780,000 yuan. The whole vehicle selling price is nearly 1 million yuan, called "Most expensive Chinese car overseas" by local media.
Zeekr 009 entered Malaysia, Thailand, and other places, becoming official transport for government officials of multiple countries.
The latest move landed on Paris. On October 12, the 2026 Paris Motor Show opened. Zeekr exhibited on-site for the first time, placing the flagship 9X at the center of the booth. The whole flagship lineup all participated, and two new cars will be released. Putting the best products onto the most watched stage in Europe, Zeekr's emphasis on overseas markets is already placed on the surface.
Currently, Zeekr's business covers over 60 countries and regions, with nearly 800 global stores. It is one of the few Chinese luxury brands to achieve deliveries on five continents. Media, after organizing official disclosed information, proposed that its overseas deliveries in September were about 15,000 vehicles, accounting for about 40% of the monthly delivery volume.
This is another Zeekr mystery: It sells well overseas and sells at high prices.
Through Geely Automobile's 2026 Semi-Annual Report data, it can be calculated that for the same vehicle, Zeekr's export gross margin is about 10 percentage points higher than domestic. At the semi-annual report conference call, Geely Automobile's person in charge stated they would raise the annual export target from 640,000 vehicles to 920,000 vehicles, testing the million-level scale. Zeekr is the main force undertaking the high-end image among them.
The overseas market also caught old models. Zhang Xing said Zeekr 7X will launch the 2027 model in November. Before the new model launch, if current models are not sold out, they will not remain in the domestic market to be dumped, but will be directly loaded on ships for export. Zeekr 001 and other models with a Q1 next year facelift will handle accordingly.
This equals the overseas market guaranteeing the domestic price system—old models have a place to go, so domestic terminals do not need to rely on price diving to clear inventory. Zeekr has maneuvering space for both volume and price.
The foundation of this approach is the global resources Geely has accumulated over nearly 30 years.
"Its success has comprehensive factors, not accidental," Zhang Xiang stated. Zeekr hit the mark on every industry step. Early on, it stepped on the financing trend trend to raise sufficient funds without running out of food like many new force peers. In product planning, features of each model are staggered to avoid homogeneity. Plus Geely acquiring Volvo, cooperating with Mercedes-Benz on smart, investing in Lotus and Proton. Backed by Geely, Zeekr's international endorsement has been thicker than others from the beginning.
Of course, this overseas chess game hides question marks. Analysts warned that Zeekr's overseas share surged to 40% in September, containing the factor of concentrated shipping at quarter end. Extended to the whole year, the cumulative share is not as high as the single month. 9X in Europe is just starting. Tariff fluctuations, geopolitical compliance are realistic thresholds.
Seems, exports—Zeekr's this flower outside the wall blooms fast, but whether it can take root still needs to see the performance of a few quarters.
▍03
Quality Distinction
Regarding the 96% completion rate, how high is the gold content? For this aspect of Zeekr, industry views vary.
From terminal actual performance, first, Zeekr's high-end model prices hold firm currently. During store visits, sales consultants stated 9X has been listed for a year, with no cash discounts, and the 530,000 yuan average price has no loosening. Zhang Xing said Zeekr does not participate in the price war, and confidence is mainly supported by this car.
Secondly, in channels, Zeekr adopts direct-operated as main, partner model as supplement. Orders and inventory are relatively clean. Zhang Xing said Zeekr current model production dates generally do not exceed one month. Factory schedules production in small batches rolling. Produce after selling out, cannot see large scale stockpiling in channels.
Thirdly, looking at resale value retention rate, this brand residual value is recovering. China Association of Automobile Dealers Jingzheng Gu Report shows Zeekr 7X with 72.5% one-year resale value retention rate ranks first among hot-selling new energy mid-size SUV Chinese brands. China Auto Data Research Institute February 2026 list shows Zeekr 009 one-year resale value retention rate 81.6%, ranking at the front of pure electric models.
However, on the other hand, some Zeekr models also have price concession phenomenon at terminals. For example, 7X full series cash direct deduction 20,000 yuan, 001 discount 22,000 yuan. Holding Beijing indication also gift value about 3,000 yuan points. It seems prices that are firm concentrate on flagship models like 9X. As for volume models, price rigidity is not that strong.
In addition, Zeekr profit situation lacks complete information. After Zeekr privatization and delisting, integrating into Geely's listed system, it no longer discloses financial reports separately. Whether the brand overall turned a loss is not yet publicly authoritative information. Worth noting, Geely Automobile 2026 Semi-Annual Report shows first half operating activities cash flow 19.924 billion yuan, year-on-year decrease 67.98%, indicating its cash collection pressure has not disappeared.
"Annual sales target is a psychological leverage the industry has used for many years. If the target is set artificially high, the first half overdrafts attention, the second half overdrafts channel and brand confidence. Finally dealers and users are disappointed," an anonymous industry analyst stated.
In his view, Zeekr lowered this year's sales target to 300,000 vehicles, 20,000 less than last year. Surface look is bowing head. Actually, it takes manpower and production capacity from making up numbers and liberates them, landing back on the product itself.
Pragmatic target setting, down-to-earth product doing. This road is starting to be verified by Zeekr.
Zhang Xiang also believes setting targets high and treating them as market promotion means is an industry convention of many years. Not completing them at year-end is not rare. What is rare is Zeekr is willing to take the target back and fill it with products and exports.
For other Chinese brands, the reference significance of the Zeekr sample lies in, rather than competing targets at press conferences, better to thicken tech and stabilize channels. Using high-end overseas to replace low-price involution.
2026 is a dividing line for the Chinese automotive industry. After the tide goes out, who is swimming naked is clear at a glance. Zeekr lowered the target, thickened the product, exchanged for 9 months achieving 96% completion of annual target. Every automobile brand can ask itself: Can Zeekr-style growth be learned?
