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Alibaba-backed Chinese EV start-up IM Motors sets sights on Tesla, eyes ‘considerable’ market share in premium segment
- New models directly target Tesla’s Model 3 and Model Y, co-CEO says
- Compact SUV to be delivered this year, while new sedan will be handed to customers in the first half of 2024
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Daniel Renin Shanghai
Alibaba-backed IM Motors is aiming for head-on competition with Tesla in mainland China this year, with the launch of new electric vehicles (EVs) expected to take on the US carmaker’s bestselling Model 3 and Model Y.
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The Shanghai-headquartered carmaker will launch an electric sport utility vehicle (SUV) and a battery-powered sedan in the coming months, Liu Tao, its co-CEO, told the media on Friday. The new cars will reinforce IM Motors’ bid to challenge Tesla, currently the front-runner in China’s premium EV segment.
“Our two models are directly targeted at Tesla’s Model 3 and Model Y,” Liu said. “This is the segment where IM Motors looks to grab a considerable market share.”
IM Motors is not the first Chinese EV maker to set its sights on overtaking Tesla. Xpeng, Nio and Li Auto, the three Chinese start-ups that build smart EVs featuring autonomous driving technology, sophisticated in-car entertainment systems and high-performance batteries, are viewed as China’s best response to Tesla. Each of these carmakers can sell about 10,000 vehicles a month.
Moreover, earlier this week, Chinese carmaker Geely introduced its compact electric SUV under the Zeekr premium brand to compete against Tesla’s Model Y. The company is taking orders for Zeekr X, which is priced from 189,800 yuan (US$27,678) to 209,800 yuan. It will have a driving range of 560 kilometres and will be delivered to customers from June onwards.
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