Total vehicle deliveries were 33,059 units for the first quarter of 2024, representing a 117% year- over-year increase. ZEEKR Reports First Quarter 2024 Unaudited Financial Results | --- | --- | --- | --- | --- | |------------|---------|---------|---------|---------| | | | | | | | Deliveries | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | | | 33,059 | 39,657 | 36,395 | 27,399 | | Deliveries | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | | | 15,234 | 32,467 | 20,464 | 10,769 | Gross profit was RMB1,739.4 million (US$24 ...

Core Insights - The company reported strong financial results for the first quarter of 2024, with total revenues increasing by 71.0% year-over-year and gross profit surging by 154.9% year-over-year, despite a decrease in both metrics compared to the previous quarter [2][17][42]. Financial Performance - Vehicle sales reached RMB8,174.1 million (US$1,132.1 million) for Q1 2024, marking a 73.0% increase from RMB4,725.2 million in Q1 2023, but a 22.8% decrease from RMB10,592.6 million in Q4 2023 [2][18]. - Total revenues for Q1 2024 were RMB14,736.8 million (US$2,041.0 million), up 71.0% from RMB8,620.4 million in Q1 2023, but down 9.9% from RMB16,357.9 million in Q4 2023 [2][42]. - Gross profit was RMB1,739.4 million (US$240.9 million) for Q1 2024, a 154.9% increase from RMB682.5 million in Q1 2023, but a decrease of 25.3% from RMB2,328.3 million in Q4 2023 [2][52]. - The gross margin improved to 11.8% in Q1 2024 from 7.9% in Q1 2023, but decreased from 14.2% in Q4 2023 [2][19]. Loss Metrics - The company reported a loss from operations of RMB2,086.9 million (US$289.0 million) for Q1 2024, which is an 11.2% decrease from RMB2,349.2 million in Q1 2023 and a 29.3% decrease from RMB2,950.1 million in Q4 2023 [2][66]. - The net loss for Q1 2024 was RMB2,022.1 million (US$280.1 million), down 18.0% from RMB2,465.4 million in Q1 2023 and down 31.2% from RMB2,937.9 million in Q4 2023 [2][21]. - Non-GAAP net loss, excluding share-based compensation, was RMB2,019.4 million (US$279.7 million) for Q1 2024, representing a decrease of 17.0% from RMB2,432.6 million in Q1 2023 and a decrease of 30.4% from RMB2,902.6 million in Q4 2023 [2][54]. Vehicle Deliveries - The company delivered 33,059 vehicles in Q1 2024, reflecting a 117% year-over-year increase [41]. - In April 2024, vehicle deliveries reached 16,089, a 99% increase from April 2023 [4]. Operational Insights - The vehicle margin for Q1 2024 was 14.0%, up from 10.1% in Q1 2023, but down from 15.3% in Q4 2023 [2][65]. - Research and development expenses were RMB1,925.3 million (US$266.6 million) for Q1 2024, a 6.7% increase from RMB1,805.1 million in Q1 2023, but a 39.1% decrease from RMB3,162.5 million in Q4 2023 [30]. - Selling, general and administrative expenses were RMB1,951.5 million (US$270.3 million) for Q1 2024, a 51.9% increase from RMB1,284.4 million in Q1 2023, but a decrease of 11.6% from RMB2,207.9 million in Q4 2023 [53]. Cash Position - As of March 31, 2024, the company had cash and cash equivalents of RMB3,791.1 million (US$525.1 million) [11].

Core Insights - ZEEKR delivered 18,616 vehicles in May 2024, marking a 115% year-over-year increase, with cumulative deliveries reaching 264,397 by the end of May 2024 [1] Company Overview - ZEEKR is a rapidly growing intelligent battery electric vehicle (BEV) technology company, incorporated in March 2021, focusing on the electrification and innovation of the automobile industry through next-generation premium BEVs and technology-driven solutions [2] - The current product portfolio includes models such as ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, ZEEKR 009 Grand, ZEEKR X, and an upscale sedan [2] Operational Strengths - The company emphasizes creating an ultimate mobility experience through technology and solutions, supported by strong in-house R&D capabilities, operational flexibility, and an efficient organizational structure [3] - These features facilitate fast product development, launch, and iteration, along with customer-oriented products and go-to-market strategies [3]

HANGZHOU, China, May 31, 2024 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("ZEEKR" or the "Company") (NYSE: ZK), a fast-growing intelligent battery electric vehicle ("BEV") technology company, today announced that it will report its unaudited financial results for the quarter ended March 31, 2024, before the U.S. markets open on Tuesday, June 11, 2024. The Company's management will host an earnings conference call on Tuesday, June 11, 2024, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/ ...

Core Insights - Zeekr Intelligent Technology Holding's American depositary shares (ADSs) rose significantly after its initial public offering (IPO), closing at $28.26, a nearly 35% increase from the IPO price of $21 per ADS [2][5] - The company is intensifying competition in the electric vehicle (EV) market, impacting larger Chinese firms like BYD and international competitors such as Tesla [3][6] - Zeekr's IPO is notable as it represents the largest U.S. IPO from a Chinese company since Didi in 2021, highlighting the favorable capital markets for new energy vehicles in New York [5] Company Overview - Zeekr is a subsidiary of Zhejiang Geely Holding Group, which has investments in various automotive brands including Geely, Volvo, Polestar, and Lotus [4] - The choice to list in New York underscores Zeekr's ambition to establish itself as a global brand in the EV sector [4] Market Context - The IPO reflects a trend of Chinese EV manufacturers expanding internationally, with speculation about Zeekr's potential for further global expansion [3] - Following its debut, Zeekr's ADSs continued to rise, indicating strong market interest and investor confidence [5][6]

China-based premium-label electric vehicle (EV) manufacturer Zeekr (NYSE:ZK) got off to a strong debut on Friday, ironically amid the Biden administration’s plans to raise tariffs on Chinese vehicle imports to the U.S., according to Reuters. The dichotomy reflects the double-forked nature of ZK stock.As InvestorPlace contributor Dana Blankenhorn explained, Zeekr represents a spinoff from Geely (OTCMKTS:GELYY). It’s the second such entity to be traded in U.S. exchanges, following Polestar (NASDAQ:PSNY), a sp ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Zeekr (NYSE:ZK), a Chinese maker of luxury electric vehicles (EVs), holds its IPO today with an initial price of $21 per share. The price is at the top of the expected range. It indicates strong demand for the 21 million American Depository Receipts (ADRs) being offered. Zeekr filed an F-1 document with the Securities and Exchange Commission (SEC) early this month.However, the most important thing for many to know about Zeekr is that Zeekr is not the story here.Zeeker Is Another Geely JointZeekr is yet anot ...

Geely-backed EV brand illustrates China’s strategy to dominate the global market as cars go electric and intelligentA lot is riding on the IPO of ZEEKR, the Chinese EV maker, which is expected to start trading today on the NYSE under the symbol (NYSE: ZK) after pricing at the top of its range at $41 per share. At a market cap of just over $5 billion, this is the first IPO of any real size coming from the PRC since the debacle of Didi Chuxing’s (OTC: DIDIY) listing and subsequent delisting in 2021.Bankers in ...

HANGZHOU, China, May 10, 2024 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("ZEEKR" or the "Company") (NYSE: ZK), a fast-growing battery electric vehicle ("BEV") technology company, today announced the pricing of its initial public offering of 21,000,000 American Depositary Shares ("ADSs"), each representing 10 ordinary shares of the Company, at US$21.0 per ADS. The ADSs will begin trading on May 10, 2024, on the New York Stock Exchange under the ticker symbol "ZK." The offering is expected ...