Could the Kreigsmarine have seriously challanged the Royal Navy at sea if Plan Z was completed?

Prior to the start of the second world war, the german Grossadmiral Reader had the plan to make a serious survice fleet that could challange the Royal Navy. The plan was called Plan Z and was approaved in January 1939. The plan never finished as the war broke out and the materials needed to build the ships were deverted to different sources. My question is: What would have happened if the Kreigsmarine completed plan Z and would they then be able to seriously challenge the Royal Navy at sea?

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I don’t think they would and if the kriegsmarine would have completed it ,the french navy and british navy would have more ship by then (clemenceau, gascogne, alsace class ,lion etc) andeven more aircraft carrier than the kriegsmarine (+ I’m not even sure they would have completed it due to the large amount of ressource and money and the delay due to the war[wich basically killed the programm, PLAN Z recquired the war to star after 1939])