China EV Surge: Zeekr Privatized, BYD Raises Salaries, Tesla Robotaxi Scales

In a whirlwind week for the Chinese electric vehicle (EV) industry, Geely completed the privatization of premium EV brand Zeekr, pulling it from the NYSE to streamline operations under full ownership. BYD confirmed salary hikes for its technical R&D staff amid fierce talent competition, while Tesla registered 1,655 vehicles and 798 drivers in California for its Robotaxi preparations. These moves, reported on December 22, 2024, underscore China's EV giants pushing innovation, talent retention, and global ambitions despite international headwinds like Volkswagen's U.S. ID. Buzz delay.

Zeekr Privatization: Geely Tightens Grip on Premium EV Crown Jewel

Geely Automobile Holdings announced the full acquisition of all outstanding Zeekr shares and American Depositary Shares, privatizing the brand and delisting it from the New York Stock Exchange. Previously an indirect non-wholly-owned subsidiary, Zeekr now becomes Geely's indirect wholly-owned entity, with its financials fully integrated into Geely's reports.

• Strategic Impact: This allows Geely greater flexibility in R&D and global expansion without public market pressures.
• Zeekr's Standing: As a leader in premium EVs, Zeekr competes with NIO and XPeng, boasting advanced models like the 001 with over 700 km range.

This privatization aligns with China's EV market consolidation, enabling focused investments in battery tech and autonomous driving.

BYD Confirms R&D Salary Boost Amid Talent Wars

BYD verified rumors of salary increases for technical and R&D personnel, though specifics like 500-1,000 RMB hikes for most and up to 3,000 RMB for some remain unconfirmed. The company offers biannual salary adjustments and annual promotions based on performance.

• 2024 Context: BYD's policy emphasizes performance-linked rewards, fueling its dominance with 3.5 million+ vehicles sold globally in 2024.
• Industry Trend: Amid U.S.-China tech rivalry, salary hikes counter poaching by rivals like Tesla and startups.

BYD's move bolsters its edge in PHEV and BEV tech, including blade batteries.

Tesla's Massive Robotaxi Prep in California Signals China EV Ripple Effects

Tesla has registered 1,655 vehicles and 798 drivers with California's CPUC for Robotaxi services—a leap from 28 vehicles in August. These are supervised ride-hailing setups, not fully autonomous yet, lacking DMV permits for driverless ops. Waymo leads with 1,955 registered vehicles, over 1,000 operational.

Tesla's phased approach—compliance first, then FSD upgrades—mirrors strategies from Chinese firms like XPeng's XNGP.

Other Key Developments: AI, Components, and Global Plays

• AI Models Race: MiniMax and Zhipu Huazhang secured CSRC approval for Hong Kong listings, vying for 'China's first AI model stock.' Zhipu reported 130% CAGR, reaching 3.124 billion RMB revenue by 2024.
• Component Wins: Sanhua Intelligent Controls forecasts 25-50% net profit growth to 3.87-4.65 billion RMB in 2025, driven by EV thermal management. EVE Energy broke ground on a 10 billion RMB sodium-ion battery and AI robot center.
• Mobility Investments: UAE's Robo.ai bids for distressed Momenta (Jidu Auto) pre-restructuring, eyeing robotaxi synergies.

Starway's Luxury Ambitions and VW's U.S. Setback

Chery's Starway (EXEED) unveiled its 3.0 era at a Beijing event, targeting global performance luxury with tech like 48% efficiency hybrid engines, full-solid-state batteries by 2026, and Le Mans racing entry. Conversely, Volkswagen shelved the 2026 ID. Buzz U.S. launch due to weak EV demand, tariffs, lost $7,500 tax credits, and short 234-mile range—after Q3 2025 sales hit just 2,469 units.

Global Implications: Why This Matters for EV Market

China's EV ecosystem thrives amid U.S. slowdowns: Zeekr privatization and BYD raises signal resilience, while Tesla's Robotaxi scale pressures locals like XPeng to accelerate. Morgan Stanley flags 2026 themes—AI productivity, robotaxis, U.S.-China tech rivalry—positioning Chinese firms like Geely/Zeekr favorably in multi-polar competition. Exports to 30+ markets keep momentum, with overseas pricing 400,000+ RMB.

Forward Outlook: China's EV Lead Accelerates

Expect Zeekr's post-privatization tech leaps, BYD talent-fueled PHEV dominance, and Tesla-inspired robotaxi pushes from NIO/XPeng. Starway's Le Mans bet and sodium batteries herald luxury/intensity shifts. Globally, U.S. EV slumps favor China's 60%+ market share, but tariffs loom—watch 2025 for regulatory battles and IPO-fueled AI integrations.