China's Geely Targets South Korea For Premium EV Debut By 2026: Report
Geely Automobile Holdings Ltd (OTC:GELYY) is reportedly set to unveil its first premium electric vehicle (EV) to South Korea by 2026, marking an effort by Chinese carmakers to penetrate a market still dominated by Hyundai Motor Co. (OTC:HYMTF) and Kia Corp.
Geely’s luxury EV brand, Zeekr Intelligent Technology Holding Ltd (NYSE:ZK), which recently went public in the U.S., plans to open showrooms in Seoul and Gyeonggi province by the end of next year, with deliveries starting in early 2026, reported Bloomberg.
The first model expected to hit the South Korean market is the Zeekr 001, an EV with a range of up to 620 kilometers (385 miles) per charge. However, these plans are not yet finalized, the report added.
Chinese automakers face challenges due to South Korea’s new rule favoring EVs with higher recycled metal content, disadvantaging those using LFP batteries, common in Chinese vehicles.
Nevertheless, Geely and other Chinese brands like BYD Company (OTC:BYDDY) are eyeing South Korea amid high tariffs in Europe and the U.S.
Related Read: Tesla Rival BYD’s EV Sales Jump 21% In Q2: Details
In 2022, Geely acquired a 34% stake in Renault‘s (OTC:RNSDF) Korean unit, deepening their collaboration on eco-friendly models.
Additionally, the Polestar 4, an electric SUV from Geely-controlled Volvo AB (OTC:VOLVF), will be produced at Renault Korea’s Busan plant starting in late 2025.
Geely has partnered with Korea’s SK Group for battery development and Posco International Inc. for the sales and servicing of its commercial vehicles in the country.
This reflects a strategic effort to establish a strong foothold in the South Korean EV market.
The report quoted Lee Hang-Koo, head of the Jeonbuk Institute of Automobile Convergence Technology, who noted significant demand for premium EVs in South Korea.
Price Action: GELYY shares closed higher by 2.67% at $22.66 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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