#China #Hangzhou #financial results #electric vehicles #Zeekr Group

Introduction

Zeekr Group, a leading player in the premium new energy vehicle sector, recently revealed its unaudited financial results for the fourth quarter and full year of 2024. The results were marked by substantial gains in both vehicle deliveries and overall financial performance, highlighting the company's growth trajectory.

Fourth Quarter Highlights

During the fourth quarter of 2024, Zeekr Group delivered a remarkable 79,250 vehicles, indicating a staggering 99.8% increase compared to the same period in 2023. The overall vehicle deliveries for the year reached 222,123 units, which is an 87.2% increase year-over-year. This impressive growth reflects zeekr’s successful strategy in enhancing production capabilities and expanding its market reach.

Financial Performance

In terms of financial metrics, Zeekr generated vehicle sales amounting to RMB 19.3 billion (approximately USD 2.64 billion) in Q4 2024, showcasing an 82.2% increase from Q4 2023 and a 34.0% rise compared to the previous quarter. The company’s total revenue for the quarter was RMB 22.78 billion (USD 3.12 billion), marking a 39.2% growth year-on-year and a 24.1% improvement quarter-on-quarter. Notably, gross profit for the period reached RMB 4.32 billion (USD 591.4 million), reflecting a gross margin increase to 19.0% from 14.2% in the previous year.

Annual Performance Overview

For the full year 2024, Zeekr reported total vehicle sales revenue of RMB 55.32 billion (USD 7.58 billion), which was a 63.1% increase from 2023. The total revenues for the year stood at RMB 75.91 billion (USD 10.40 billion), resulting in an annual growth of 46.9%. Despite heavy investments in research and development, Zeekr managed to decrease its net losses by 29.9% to RMB 5.79 billion (USD 793.3 million) compared to the previous year.

Profitability Metrics

An important highlight from the financial results was the improvement in profitability metrics. The company achieved a vehicle margin of 15.6% for the entire year, an increase from 15.0% in 2023. This was aided by strategic cost management and operational efficiencies, crucial for maintaining competitive pricing in a rapidly evolving market.

Recent Developments

In addition to its financial results, Zeekr hosted a significant product showcase at CES 2025, emphasizing advancements in intelligent mobility. With the unveiling of the Zeekr 007GT model and the completion of integrating the Lynk & Co brand, the company showcases its commitment to innovation and expansion.

Strategic Direction

CEO Andy An remarked on the achievements during Q4 2024, emphasizing a strategic vision aimed at further expanding the product lineup and enhancing overall competitiveness. This includes leveraging advancements in AI technology and emphasizing sustainable growth.