Zeekr Group Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
Zeekr Group (NYSE: ZK) reported strong Q4 and full year 2024 results, with significant growth in vehicle deliveries and improved financial metrics. Q4 deliveries reached 79,250 units, up 99.8% year-over-year, while full-year deliveries totaled 222,123 units, an 87.2% increase from 2023.
Q4 2024 financial highlights include vehicle sales of RMB19.3 billion (US$2.64 billion), up 82.2% YoY, with improved vehicle margin of 17.3%. Total revenues reached RMB22.8 billion (US$3.12 billion), a 39.2% YoY increase. While still operating at a loss, the company reduced its net loss by 72.1% YoY to RMB820.6 million (US$112.4 million).
For full year 2024, vehicle sales grew 63.1% to RMB55.3 billion, with total revenues of RMB75.9 billion. The company completed strategic integration with Lynk & Co in February 2025, achieving combined deliveries of 31,277 vehicles that month.
Zeekr Group (NYSE: ZK) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con una crescita significativa nelle consegne di veicoli e un miglioramento dei parametri finanziari. Le consegne del quarto trimestre hanno raggiunto 79.250 unità, con un incremento del 99,8% rispetto all'anno precedente, mentre le consegne totali per l'intero anno hanno ammontato a 222.123 unità, con un aumento dell'87,2% rispetto al 2023.
I punti salienti finanziari del quarto trimestre 2024 includono vendite di veicoli per RMB19,3 miliardi (US$2,64 miliardi), in aumento dell'82,2% su base annua, con un margine sui veicoli migliorato al 17,3%. I ricavi totali hanno raggiunto RMB22,8 miliardi (US$3,12 miliardi), con un incremento del 39,2% su base annua. Sebbene l'azienda operi ancora in perdita, ha ridotto la sua perdita netta del 72,1% su base annua a RMB820,6 milioni (US$112,4 milioni).
Per l'intero anno 2024, le vendite di veicoli sono cresciute del 63,1% a RMB55,3 miliardi, con ricavi totali di RMB75,9 miliardi. L'azienda ha completato l'integrazione strategica con Lynk & Co a febbraio 2025, raggiungendo consegne combinate di 31.277 veicoli in quel mese.
Zeekr Group (NYSE: ZK) reportó resultados sólidos para el cuarto trimestre y el año completo 2024, con un crecimiento significativo en las entregas de vehículos y una mejora en los indicadores financieros. Las entregas del cuarto trimestre alcanzaron 79,250 unidades, un aumento del 99.8% interanual, mientras que las entregas totales del año fueron de 222,123 unidades, un incremento del 87.2% respecto a 2023.
Los aspectos destacados financieros del cuarto trimestre de 2024 incluyen ventas de vehículos por RMB19.3 mil millones (US$2.64 mil millones), un incremento del 82.2% interanual, con un margen de vehículo mejorado del 17.3%. Los ingresos totales alcanzaron RMB22.8 mil millones (US$3.12 mil millones), un aumento del 39.2% interanual. Aunque la empresa sigue operando con pérdidas, redujo su pérdida neta en un 72.1% interanual a RMB820.6 millones (US$112.4 millones).
Para el año completo 2024, las ventas de vehículos crecieron un 63.1% hasta RMB55.3 mil millones, con ingresos totales de RMB75.9 mil millones. La empresa completó la integración estratégica con Lynk & Co en febrero de 2025, logrando entregas combinadas de 31,277 vehículos en ese mes.
Zeekr Group (NYSE: ZK)는 2024년 4분기 및 연간 실적이 강력하며, 차량 인도량의 유의미한 성장과 재무 지표의 개선을 보고했습니다. 4분기 차량 인도량은 79,250대에 달해 전년 대비 99.8% 증가했으며, 연간 총 인도량은 222,123대로 2023년 대비 87.2% 증가했습니다.
2024년 4분기 재무 하이라이트에는 RMB19.3억(미국 달러 26.4억)의 차량 판매가 포함되어 있으며, 이는 전년 대비 82.2% 증가하고 차량 마진은 17.3%로 개선되었습니다. 총 수익은 RMB22.8억(미국 달러 31.2억)으로 전년 대비 39.2% 증가했습니다. 여전히 손실을 보고 있지만, 회사는 전년 대비 72.1% 감소한 RMB820.6백만(미국 달러 1.124백만)의 순손실을 기록했습니다.
2024년 전체 연간 차량 판매는 63.1% 증가하여 RMB55.3억에 달했으며, 총 수익은 RMB75.9억에 달했습니다. 이 회사는 2025년 2월 Lynk & Co와의 전략적 통합을 완료하고, 해당 달에 31,277대의 차량을 합산하여 인도했습니다.
Zeekr Group (NYSE: ZK) a annoncé de solides résultats pour le quatrième trimestre et l'année complète 2024, avec une croissance significative des livraisons de véhicules et une amélioration des indicateurs financiers. Les livraisons du quatrième trimestre ont atteint 79 250 unités, en hausse de 99,8 % par rapport à l'année précédente, tandis que les livraisons totales pour l'année ont totalisé 222 123 unités, soit une augmentation de 87,2 % par rapport à 2023.
Les points forts financiers du quatrième trimestre 2024 comprennent des ventes de véhicules de 19,3 milliards de RMB (2,64 milliards de dollars US), en hausse de 82,2 % d'une année sur l'autre, avec une marge sur les véhicules améliorée de 17,3 %. Les revenus totaux ont atteint 22,8 milliards de RMB (3,12 milliards de dollars US), soit une augmentation de 39,2 % d'une année sur l'autre. Bien que l'entreprise continue d'opérer à perte, elle a réduit sa perte nette de 72,1 % d'une année sur l'autre à 820,6 millions de RMB (112,4 millions de dollars US).
Pour l'année complète 2024, les ventes de véhicules ont augmenté de 63,1 % pour atteindre 55,3 milliards de RMB, avec des revenus totaux de 75,9 milliards de RMB. L'entreprise a achevé l'intégration stratégique avec Lynk & Co en février 2025, atteignant des livraisons combinées de 31 277 véhicules ce mois-là.
Zeekr Group (NYSE: ZK) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 berichtet, mit signifikantem Wachstum bei den Fahrzeugauslieferungen und verbesserten finanziellen Kennzahlen. Die Auslieferungen im vierten Quartal erreichten 79.250 Einheiten, was einem Anstieg von 99,8% im Jahresvergleich entspricht, während die Gesamtauslieferungen für das Jahr 222.123 Einheiten betrugen, ein Anstieg von 87,2% im Vergleich zu 2023.
Die finanziellen Highlights des vierten Quartals 2024 umfassen Fahrzeugverkäufe von RMB19,3 Milliarden (US$2,64 Milliarden), was einem Anstieg von 82,2% im Jahresvergleich entspricht, mit einer verbesserten Fahrzeugmarge von 17,3%. Die Gesamterlöse beliefen sich auf RMB22,8 Milliarden (US$3,12 Milliarden), ein Anstieg von 39,2% im Jahresvergleich. Obwohl das Unternehmen weiterhin Verluste macht, konnte es seinen Nettoverlust im Jahresvergleich um 72,1% auf RMB820,6 Millionen (US$112,4 Millionen) reduzieren.
Für das gesamte Jahr 2024 stiegen die Fahrzeugverkäufe um 63,1% auf RMB55,3 Milliarden, mit Gesamterlösen von RMB75,9 Milliarden. Das Unternehmen schloss im Februar 2025 die strategische Integration mit Lynk & Co ab und erreichte in diesem Monat kombinierte Auslieferungen von 31.277 Fahrzeugen.
- Vehicle deliveries nearly doubled (+99.8%) YoY in Q4 2024
- Vehicle margin improved to 17.3% in Q4 2024 from 15.3% YoY
- Q4 net loss reduced by 72.1% YoY
- Full year revenue increased 46.9% to RMB75.9 billion
- Strategic integration with Lynk & Co completed, expanding market presence
- Company still operating at a loss of RMB820.6 million in Q4 2024
- Operating loss increased 18.1% QoQ in Q4 2024
- R&D expenses increased 63% QoQ in Q4 2024
Insights
Zeekr's Q4 2024 results demonstrate robust growth momentum with total vehicle deliveries reaching 79,250 units—nearly doubling year-over-year—alongside significant financial improvements. The company achieved RMB22.8 billion (
The notable margin expansion is particularly encouraging, with vehicle margins improving to
While still operating at a loss, Zeekr significantly narrowed its Q4 operating loss by
The strategic integration with Lynk & Co, completed in February 2025, represents a transformative development that immediately expanded Zeekr's delivery volume to 31,277 vehicles in February alone. This acquisition enhances Zeekr's scale, diversifies its product portfolio, and creates opportunities for operational synergies, positioning the company as a more formidable competitor in the premium EV market.
For full-year 2024, Zeekr delivered 222,123 vehicles (up
Zeekr's Q4 performance reflects the company's successful execution of a multi-pronged strategy in the hyper-competitive EV market. The
The vehicle margin improvement to
The Lynk & Co acquisition represents a shrewd strategic move, instantly adding approximately 17,000 monthly deliveries to Zeekr's volumes. This integration creates a more balanced portfolio spanning multiple price segments and vehicle types. More importantly, it enables shared platform development, consolidated purchasing power, and manufacturing rationalization that should drive further margin improvements.
Zeekr's product roadmap expansion with vehicles like the upcoming 007GT shooting-brake indicates a sophisticated portfolio strategy targeting specific high-value market segments rather than pursuing volume at all costs. The company's presence at CES 2025 also signals its ambitions in advanced technology and global markets beyond China.
The key challenge ahead will be achieving profitability while maintaining growth momentum. With significantly reduced losses and improved unit economics, Zeekr appears to be executing the difficult transition from growth-at-all-costs to sustainable business fundamentals more effectively than many EV startups.
Operating Highlights for the Fourth Quarter and Full Year of 2024
- Total vehicle deliveries were 79,250 units for the fourth quarter of 2024, representing a
99.8% year-over-year increase. - Total vehicle deliveries were 222,123 units in 2024, representing an
87.2% year-over-year increase.
Deliveries | FY2024 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | ||||
222,123 | 79,250 | 55,003 | 54,811 | 33,059 | |||||
Deliveries | FY2023 | 2023 Q4 | 2023 Q3 | 2023 Q2 | 2023 Q1 | ||||
118,685 | 39,657 | 36,395 | 27,399 | 15,234 |
Financial Highlights for the Fourth Quarter of 2024
- Vehicle sales were
RMB19,301.6 million (US )[1] for the fourth quarter of 2024, representing an increase of$2,644.3 million 82.2% from the fourth quarter of 2023 and an increase of34.0% from the third quarter of 2024. - Vehicle margin[2] was
17.3% for the fourth quarter of 2024, compared with15.3% for the fourth quarter of 2023 and15.7% for the third quarter of 2024. - Total revenues were
RMB22,777.8 million (US ) for the fourth quarter of 2024, representing an increase of$3,120.6 million 39.2% from the fourth quarter of 2023 and an increase of24.1% from the third quarter of 2024. - Gross profit was
RMB4,316.5 million (US ) for the fourth quarter of 2024, representing an increase of$591.4 million 85.4% from the fourth quarter of 2023 and an increase of46.7% from the third quarter of 2024. - Gross margin was
19.0% for the fourth quarter of 2024, compared with14.2% for the fourth quarter of 2023 and16.0% for the third quarter of 2024. - Loss from operations was
RMB1,436.1 million (US ) for the fourth quarter of 2024, representing a decrease of$196.7 million 51.3% from the fourth quarter of 2023 and an increase of18.1% from the third quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[3] wasRMB1,352.8 million (US ) for the fourth quarter of 2024, representing a decrease of$185.3 million 53.6% from the fourth quarter of 2023 and an increase of15.6% from the third quarter of 2024. - Net loss was
RMB820.6 million (US ) for the fourth quarter of 2024, representing a decrease of$112.4 million 72.1% from the fourth quarter of 2023 and a decrease of28.0% from the third quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB737.2 million (US ) for the fourth quarter of 2024, representing a decrease of$101.0 million 74.6% from the fourth quarter of 2023 and a decrease of32.5% from the third quarter of 2024.
[1] All conversions from Renminbi ("RMB") to [2] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only. [3] The Company's non-GAAP financial measures exclude share-based compensation expenses. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. |
Key Financial Results for the Fourth Quarter of 2024
(in RMB millions, except for percentages)
2024 Q4 | 2024 Q3 | 2023 Q4 | % Change i | |||
YoY | QoQ | |||||
Vehicle sales | 19,301.6 | 14,401.3 | 10,592.6 | 82.2 % | 34.0 % | |
Vehicle margin | 17.3 % | 15.7 % | 15.3 % | 2.0pts | 1.6pts | |
Total revenues | 22,777.8 | 18,358.0 | 16,357.9 | 39.2 % | 24.1 % | |
Gross profit | 4,316.5 | 2,941.8 | 2,328.3 | 85.4 % | 46.7 % | |
Gross margin | 19.0 % | 16.0 % | 14.2 % | 4.8pts | 3.0pts | |
Loss from operations | (1,436.1) | (1,216.4) | (2,950.1) | (51.3) % | 18.1 % | |
Non-GAAP loss from operations | (1,352.8) | (1,169.8) | (2,914.8) | (53.6) % | 15.6 % | |
Net loss | (820.6) | (1,139.1) | (2,937.9) | (72.1) % | (28.0) % | |
Non-GAAP net loss | (737.2) | (1,092.6) | (2,902.6) | (74.6) % | (32.5) % | |
i | Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. |
Financial Highlights for the Full Year of 2024
- Vehicle sales were
RMB55,315.3 million (US ) for the full year of 2024, representing an increase of$7,578.2 million 63.1% from the prior year. - Vehicle margin was
15.6% for the full year of 2024, compared with15.0% for the prior year. - Total revenues were
RMB75,912.7 million (US ) for the full year of 2024, representing an increase of$10,400.0 million 46.9% from the prior year. - Gross profit was
RMB12,447.5 million (US ) for the full year of 2024, representing an increase of$1,705.3 million 81.7% from the prior year. - Gross margin was
16.4% for the full year of 2024, compared with13.3% for the prior year. - Loss from operations was
RMB6,460.4 million (US ) for the full year of 2024, representing a decrease of$885.1 million 21.0% from the prior year. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) wasRMB5,383.8 million (US ) for the full year of 2024, representing a decrease of$737.6 million 33.1% from the prior year. - Net loss was
RMB5,790.6 million (US ) for the full year of 2024, representing a decrease of$793.3 million 29.9% from the prior year. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB4,714.1 million (US ) for the full year of 2024, representing a decrease of$645.8 million 42.0% from the prior year.
Key Financial Results for the Full Year of 2024
(in RMB millions, except for percentages)
2024 | 2023 | % Change i | ||
YoY | ||||
Vehicle sales | 55,315.3 | 33,911.8 | 63.1 % | |
Vehicle margin | 15.6 % | 15.0 % | 0.6pts | |
Total revenues | 75,912.7 | 51,672.6 | 46.9 % | |
Gross profit | 12,447.5 | 6,850.5 | 81.7 % | |
Gross margin | 16.4 % | 13.3 % | 3.1pts | |
Loss from operations | (6,460.4) | (8,178.1) | (21.0) % | |
Non-GAAP loss from operations | (5,383.8) | (8,042.4) | (33.1) % | |
Net loss | (5,790.6) | (8,264.2) | (29.9) % | |
Non-GAAP net loss | (4,714.1) | (8,128.5) | (42.0) % | |
i | Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. |
Recent Developments
Delivery Update
In January 2025, the Zeekr brand delivered 11,942 vehicles. Following the completion of the Lynk & Co acquisition, Zeekr Group achieved total deliveries of 31,277 vehicles in February 2025. This included 14,039 Zeekr brand vehicles and 17,238 Lynk & Co brand vehicles.
Key Events
In January 2025, the Company made a significant appearance at CES 2025 in
On February 14, 2025, Zeekr Group announced the closing of the Strategic Integration Transactions with Geely entities that were previously announced on November 14, 2024. Following the completion of such transactions, Lynk & Co has become the Company's indirect non-wholly-owned subsidiary.
Product Roadmap
The Zeekr brand introduced the Zeekr 007GT in January 2025, an enhanced shooting-brake model derived from the Zeekr Upscale Sedan Model, slated for launch in the second quarter of 2025.
CEO and CFO Comments
"In the fourth quarter, we achieved a historic milestone with our highest delivery volume since inception, delivering 79,250 units—nearly double that of the same period last year," said Mr. Andy An, Zeekr Group's chief executive officer. "We also completed the strategic integration of Zeekr and Lynk & Co in just three months, solidifying Zeekr Group as a formidable global force. Looking ahead to 2025, we will continue expanding our product lineup and enhancing competitiveness. By leveraging AI-driven innovation and accelerating our global expansion strategy, we will advance our strategic vision and unlock greater synergies. We remain committed to leading the premium new energy market through scalable growth and robust risk resilience."
Mr. Jing Yuan, Zeekr Group's chief financial officer, added, "In the fourth quarter of 2024, we drove exceptional results in vehicle deliveries, spurring strong revenue growth. Total revenue for the quarter surged
Financial Results for the Fourth Quarter of 2024
Revenues
- Total revenues were
RMB22,777.8 million (US ) for the fourth quarter of 2024, representing an increase of$3,120.6 million 39.2% fromRMB16,357.9 million for the fourth quarter of 2023 and an increase of24.1% fromRMB18,358.0 million for the third quarter of 2024. - Revenues from vehicle sales were
RMB19,301.6 million (US ) for the fourth quarter of 2024, representing an increase of$2,644.3 million 82.2% fromRMB10,592.6 million for the fourth quarter of 2023, and an increase of34.0% fromRMB14,401.3 million for the third quarter of 2024. The year-over-year increase was attributable to the increase in new product delivery volume, partially offset by the lower average selling price due to changes in product mix and pricing strategy between the two quarters. The quarter-over-quarter increase was mainly attributable to the significant increase in deliveries of Zeekr 7X in the fourth quarter of 2024. - Revenues from sales of batteries and other components were
RMB1,930.8 million (US ) for the fourth quarter of 2024, representing a decrease of$264.5 million 52.2% fromRMB4,038.1 million for the fourth quarter of 2023 and a decrease of40.5% fromRMB3,245.3 million for the third quarter of 2024. The year-over-year and quarter-over-quarter decrease were mainly due to the decreased sales volume and unit price of battery packs and electric drives. - Revenues from research and development service and other services were
RMB1,545.4 million (US ) for the fourth quarter of 2024, representing a decrease of$211.7 million 10.5% fromRMB1,727.2 million for the fourth quarter of 2023 and an increase of117.2% fromRMB711.4 million for the third quarter of 2024. The year-over-year decrease was mainly due to the significant growth in sales of R&D service to our related parts in the fourth quarter of 2023, partially offset by the increased sales of vehicle spare parts in the fourth quarter of 2024. The quarter-over-quarter increase was mainly attributable to the acceptance of a cluster of R&D projects at the end of the year.
Cost of Revenues and Gross Margin
- Cost of revenues was
RMB18,461.4 million (US ) for the fourth quarter of 2024, representing an increase of$2,529.2 million 31.6% fromRMB14,029.6 million for the fourth quarter of 2023 and an increase of19.8% fromRMB15,416.2 million for the third quarter of 2024. The year-over-year increase was mainly attributable to the increase in vehicle deliveries, partially offset by the lower average cost of sales due to changes in product mix between the two quarters. The quarter-over-quarter increase was mainly attributable to the increase in vehicle delivery volume, partially offset by procurement savings as the cost of auto parts and materials decreased. - Gross profit was
RMB4,316.5 million (US ) for the fourth quarter of 2024, representing an increase of$591.4 million 85.4% fromRMB2,328.3 million for the fourth quarter of 2023 and an increase of46.7% fromRMB2,941.8 million for the third quarter of 2024. - Gross margin was
19.0% for the fourth quarter of 2024, compared with14.2% for the fourth quarter of 2023 and16.0% for the third quarter of 2024. - Vehicle margin was
17.3% for the fourth quarter of 2024, compared with15.3% for the fourth quarter of 2023 and15.7% for the third quarter of 2024. The year-over-year increase was primarily attributed to the cost reduction. The quarter-over-quarter increase was mainly due to our continuous cost reduction initiatives.
Operating Expenses
- Research and development expenses were
RMB3,205.3 million (US ) for the fourth quarter of 2024, representing an increase of$439.1 million 1.4% fromRMB3,162.5 million for the fourth quarter of 2023 and an increase of63.0% fromRMB1,966.2 million for the third quarter of 2024. The slight year-over-year increase was in line with our investment strategy in research and development, which was partially offset by lower vehicle technology usage fees. The quarter-over-quarter increase was mainly due to the incremental design and development costs for new products and technologies. - Selling, general and administrative expenses were
RMB2,816.5 million (US ) for the fourth quarter of 2024, representing an increase of$385.9 million 27.6% fromRMB2,207.9 million for the fourth quarter of 2023 and an increase of23.8% fromRMB2,274.8 million for the third quarter of 2024. The year-over-year increase and quarter-over-quarter increase were in line with our expansion of offline channels in bothChina and overseas as well as our marketing activities to launch new models.
Loss from Operations
- Loss from operations was
RMB1,436.1 million (US ) for the fourth quarter of 2024, representing a decrease of$196.7 million 51.3% fromRMB2,950.1 million for the fourth quarter of 2023 and an increase of18.1% fromRMB1,216.4 million for the third quarter of 2024. - Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was
RMB1,352.8 million (US ) for the fourth quarter of 2024, representing a decrease of$185.3 million 53.6% fromRMB2,914.8 million for the fourth quarter of 2023 and an increase of15.6% fromRMB1,169.8 million for the third quarter of 2024.
Net Loss and Net Loss Per Share
- Net loss was
RMB820.6 million (US ) for the fourth quarter of 2024, representing a decrease of$112.4 million 72.1% fromRMB2,937.9 million for the fourth quarter of 2023 and a decrease of28.0% fromRMB1,139.1 million for the third quarter of 2024. - Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was
RMB737.2 million (US ) for the fourth quarter of 2024, representing a decrease of$101.0 million 74.6% fromRMB2,902.6 million for the fourth quarter of 2023 and a decrease of32.5% fromRMB1,092.6 million for the third quarter of 2024. - Net loss attributable to ordinary shareholders of Zeekr was
RMB992.8 million (US ) for the fourth quarter of 2024, representing a decrease of$136.0 million 66.8% fromRMB2,986.9 million for the fourth quarter of 2023 and a decrease of19.0% fromRMB1,226.3 million for the third quarter of 2024. - Non-GAAP net loss attributable to ordinary shareholders of Zeekr, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was
RMB909.4 million (US ) for the fourth quarter of 2024, representing a decrease of$124.6 million 69.2% fromRMB2,951.6 million for the fourth quarter of 2023 and a decrease of22.9% fromRMB1,179.7 million for the third quarter of 2024. - Basic and diluted net loss per share attributed to ordinary shareholders were
RMB0.39 (US ) each for the fourth quarter of 2024, compared with$0.05 RMB1.49 each for the fourth quarter of 2023 andRMB0.48 each for the third quarter of 2024. - Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both
RMB0.36 (US ) each for the fourth quarter of 2024, compared with$0.05 RMB1.48 each for the fourth quarter of 2023 andRMB0.46 each for the third quarter of 2024. - Basic and diluted net loss per American Depositary Share ("ADS[4]") attributed to ordinary shareholders were
RMB3.89 (US ) each for the fourth quarter of 2024, compared with$0.53 RMB4.80 each for the third quarter of 2024. - Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were
RMB3.56 (US ) each for the fourth quarter of 2024, compared with$0.49 RMB4.62 each for the third quarter of 2024.
[4] Each ADS represents ten ordinary shares. |
Balance Sheets
Cash and cash equivalents and restricted cash was
Financial Results for the Full Year of 2024
Revenues
- Total revenues were
RMB75,912.7 million (US ) for the full year of 2024, representing an increase of$10,400.0 million 46.9% fromRMB51,672.6 million for the prior year. - Revenues from vehicle sales were
RMB55,315.3 million (US ) for the full year of 2024, representing an increase of$7,578.2 million 63.1% fromRMB33,911.8 million for the prior year. The year-over-year increase was due to the increase in new product delivery volume, partially offset by the lower average selling price due to changes in product mix and pricing strategy between the two years. - Revenues from sales of batteries and other components were
RMB16,793.8 million (US ) for the full year of 2024, representing an increase of$2,300.7 million 14.3% fromRMB14,692.6 million for the prior year. The year-over-year increase was mainly due to the higher sales volume of battery packs and electric drives, as well as the growth of overseas battery component sales. - Revenues from research and development service and other services were
RMB3,803.5 million (US ) for the full year of 2024, representing an increase of$521.1 million 24.0% fromRMB3,068.2 million for the prior year. The year-over-year increase was mainly due to the increased sales of vehicle spare parts.
Cost of Revenues and Gross Margin
- Cost of revenues was
RMB63,465.2 million (US ) for the full year of 2024, representing an increase of$8,694.7 million 41.6% fromRMB44,822.1 million for the prior year. The year-over-year increase was mainly attributable to the increase in vehicle delivery volume. - Gross profit was
RMB12,447.5 million (US ) for the full year of 2024, representing an increase of$1,705.3 million 81.7% fromRMB6,850.5 million for the prior year. - Gross margin was
16.4% for the full year of 2024, compared with13.3% for the prior year. The year-over-year increase was mainly attributable to the increased margins on vehicles. - Vehicle margin was
15.6% for the full year of 2024, compared with15.0% for the prior year. The year-over-year increase was primarily attributed to cost reductions and the impact of lower average selling prices of Zeekr vehicles due to changes in product mix and pricing strategy between the two years.
Operating Expenses
- Research and development expenses were
RMB9,720.2 million (US ) for the full year of 2024, representing an increase of$1,331.7 million 16.1% fromRMB8,369.2 million for the prior year. The year-over-year growth was primarily driven by non-cash share-based compensation expenses recognized for IPO-conditioned rewards that were cumulatively vested upon the Company's successful IPO during 2024, as well as increased design and development costs for new products and technologies. - Selling, general and administrative expenses were
RMB9,647.4 million (US ) for the full year of 2024, representing an increase of$1,321.7 million 39.4% fromRMB6,920.6 million for the prior year. The year-over-year increase was primarily driven by share-based compensation expenses recognized for IPO-conditioned rewards that were cumulatively vested upon the Company's successful IPO, as well as increased employee compensation related to our global offline channel expansion.
Loss from Operations
- Loss from operations was
RMB6,460.4 million (US ) for the full year of 2024, representing a decrease of$885.1 million 21.0% fromRMB8,178.1 million for the prior year. - Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was
RMB5,383.8 million (US ) for the full year of 2024, representing a decrease of$737.6 million 33.1% fromRMB8,042.4 million for the prior year.
Net Loss and Net Loss Per Share
- Net loss was
RMB5,790.6 million (US ) for the full year of 2024, representing a decrease of$793.3 million 29.9% fromRMB8,264.2 million for the prior year. - Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was
RMB4,714.1 million (US ) for the full year of 2024, representing a decrease of$645.8 million 42.0% fromRMB8,128.5 million for the prior year. - Net loss attributable to ordinary shareholders of Zeekr was
RMB6,423.6 million (US ) for the full year of 2024, representing a decrease of$880.0 million 23.0% fromRMB8,347.0 million for the prior year. - Non-GAAP net loss attributable to ordinary shareholders of Zeekr, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was
RMB5,347.0 million (US ) for the full year of 2024, representing a decrease of$732.5 million 34.9% fromRMB8,211.3 million for the prior year. - Basic and diluted net loss per share attributed to ordinary shareholders were
RMB2.73 (US ) each for the full year of 2024, compared with$0.37 RMB4.17 each for the prior year. - Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were
RMB2.27 (US ) each for the full year of 2024, compared with$0.31 RMB4.11 each for the prior year. - Basic and diluted net loss per American Depositary Share ("ADS") attributed to ordinary shareholders were
RMB27.3 (US ) each for the full year of 2024.$3.74 - Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were
RMB22.72 (US ) each for the full year of 2024.$3.11
Conference Call
The Company's management will host an earnings conference call on Thursday, March 20, 2025, at 8:00 A.M.
All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.
Participant Online Registration: https://dpregister.com/sreg/10197125/fe911aa92e
A live webcast of the conference call will be available on the Company's investor relations website at https://ir.zeekrgroup.com.
About Zeekr Group
Zeekr Group, headquartered in
For more information, please visit https://ir.zeekrgroup.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact
In
ZEEKR Intelligent Technology Holding Limited
Investor Relations
Email: ir@zeekrlife.com
Piacente Financial Communications
Tel: +86-10-6508-0677
Email: Zeekr@thepiacentegroup.com
In
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: Zeekr@thepiacentegroup.com
Media Contact
Email: Globalcomms@zeekrgroup.com
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) | |||||
As of | |||||
December 31 | December 31 | December 31 | |||
2023 | 2024 | 2024 | |||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 3,260,670 | 7,782,827 | 1,066,243 | ||
Restricted cash | 844,079 | 1,178,825 | 161,498 | ||
Notes receivable | 487,851 | 1,108,747 | 151,898 | ||
Accounts receivable | 1,104,450 | 1,744,334 | 238,973 | ||
Inventories | 5,228,689 | 4,150,742 | 568,649 | ||
Amounts due from related parties | 7,256,861 | 6,120,107 | 838,451 | ||
Prepayments and other current assets | 2,294,508 | 3,072,003 | 420,863 | ||
Total current assets | 20,477,108 | 25,157,585 | 3,446,575 | ||
Property, plant and equipment, net | 2,914,274 | 3,225,287 | 441,863 | ||
Intangible assets, net | 410,912 | 842,245 | 115,387 | ||
Land use rights, net | 51,755 | 61,832 | 8,471 | ||
Operating lease right-of-use assets | 2,443,545 | 2,142,879 | 293,573 | ||
Deferred tax assets | 86,395 | 339,965 | 46,575 | ||
Long-term investments | 459,794 | 685,911 | 93,969 | ||
Other non-current assets | 273,717 | 215,016 | 29,455 | ||
Total non-current assets | 6,640,392 | 7,513,135 | 1,029,293 | ||
TOTAL ASSETS | 27,117,500 | 32,670,720 | 4,475,868 | ||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in thousands) | |||||
As of | |||||
December 31 | December 31 | December 31 | |||
2023 | 2024 | 2024 | |||
RMB | RMB | US$ | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Short-term Borrowings | - | 30,300 | 4,151 | ||
Accounts payable | 4,104,717 | 4,072,312 | 557,904 | ||
Notes payable and others | 5,504,945 | 12,990,599 | 1,779,705 | ||
Amounts due to related parties | 16,355,902 | 14,509,628 | 1,987,811 | ||
Income tax payable | 108,083 | 60,856 | 8,337 | ||
Accruals and other current liabilities | 6,243,956 | 8,478,772 | 1,161,587 | ||
Total current liabilities | 32,317,603 | 40,142,467 | 5,499,495 | ||
Long-term borrowings | - | 414,180 | 56,742 | ||
Operating lease liabilities, non-current | 1,807,159 | 1,491,486 | 204,333 | ||
Amounts due to related parties, non-current | 1,100,000 | - | - | ||
Other non-current liabilities | 563,001 | 718,164 | 98,388 | ||
Deferred tax liability | 8,337 | 57,252 | 7,843 | ||
Total non-current liabilities | 3,478,497 | 2,681,082 | 367,306 | ||
TOTAL LIABILITIES | 35,796,100 | 42,823,549 | 5,866,801 | ||
SHAREHOLDERS' EQUITY | |||||
Ordinary shares | 2,584 | 3,361 | 460 | ||
Convertible preferred shares | 362 | - | - | ||
Additional paid-in capital | 11,213,798 | 15,757,089 | 2,158,712 | ||
Treasury stock | - | (186,812) | (25,593) | ||
Accumulated deficits | (20,865,686) | (27,289,256) | (3,738,613) | ||
Accumulated other comprehensive income/(loss) | 17,555 | (22,919) | (3,140) | ||
Total Zeekr shareholders' deficit | (9,631,387) | (11,738,537) | (1,608,174) | ||
Non-controlling interest | 952,787 | 1,585,708 | 217,241 | ||
TOTAL SHAREHOLDERS' DEFICIT | (8,678,600) | (10,152,829) | (1,390,933) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 27,117,500 | 32,670,720 | 4,475,868 | ||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) | |||||||
Three Months Ended | |||||||
December 31 | September 30 | December 31 | December 31 | ||||
2023 | 2024 | 2024 | 2024 | ||||
RMB | RMB | RMB | US$ | ||||
Revenues: | |||||||
Vehicle sales | 10,592,647 | 14,401,309 | 19,301,639 | 2,644,314 | |||
Sales of batteries and other components | 4,038,075 | 3,245,331 | 1,930,781 | 264,516 | |||
Research and development service and other services | 1,727,203 | 711,362 | 1,545,426 | 211,722 | |||
Total revenues | 16,357,925 | 18,358,002 | 22,777,846 | 3,120,552 | |||
Cost of revenues: | |||||||
Vehicle sales | (8,974,061) | (12,146,781) | (15,958,509) | (2,186,307) | |||
Sales of batteries and other components | (3,746,895) | (2,808,646) | (1,565,615) | (214,488) | |||
Research and development service and other services | (1,308,642) | (460,775) | (937,244) | (128,402) | |||
Total cost of revenues | (14,029,598) | (15,416,202) | (18,461,368) | (2,529,197) | |||
Gross profit | 2,328,327 | 2,941,800 | 4,316,478 | 591,355 | |||
Operating expenses: | |||||||
Research and development expenses | (3,162,517) | (1,966,167) | (3,205,297) | (439,124) | |||
Selling, general and administrative expenses | (2,207,938) | (2,274,751) | (2,816,458) | (385,853) | |||
Other operating income, net | 92,041 | 82,747 | 269,184 | 36,878 | |||
Total operating expenses | (5,278,414) | (4,158,171) | (5,752,571) | (788,099) | |||
Loss from operations | (2,950,087) | (1,216,371) | (1,436,093) | (196,744) | |||
Interest expense | (35,730) | (8,088) | (27,722) | (3,798) | |||
Interest income | 25,767 | 43,255 | 65,046 | 8,911 | |||
Investment income | - | - | 726,973 | 99,595 | |||
Other income/(expense), net | 6,420 | 54,967 | (123,349) | (16,899) | |||
Loss before income tax expense and share of income (loss) in equity method investments | (2,953,630) | (1,126,237) | (795,145) | (108,935) | |||
Share of income (loss) in equity method investments | 109,061 | 81,500 | (133,956) | (18,352) | |||
Income tax benefits/(expense) | (93,350) | (94,409) | 108,526 | 14,868 | |||
Net loss | (2,937,919) | (1,139,146) | (820,575) | (112,419) | |||
Less: income attributable to non- controlling interest | 48,969 | 87,134 | 172,206 | 23,592 | |||
Net loss attributable to shareholders of Zeekr | (2,986,888) | (1,226,280) | (992,781) | (136,011) | |||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) | |||||||
Three Months Ended | |||||||
December 31 | September 30 | December 31 | December 31 | ||||
2023 | 2024 | 2024 | 2024 | ||||
RMB | RMB | RMB | US$ | ||||
Net loss per share attributed to ordinary shareholders: | |||||||
Basic and diluted | (1.49) | (0.48) | (0.39) | (0.05) | |||
Weighted average shares used in calculating net loss per share: | |||||||
Basic and diluted | 2,000,000,000 | 2,552,901,668 | 2,552,901,668 | 2,552,901,668 | |||
Net loss per ADS attributed to ordinary shareholders: | |||||||
Basic and diluted | - | (4.80) | (3.89) | (0.53) | |||
Weighted average ADS used in calculating net loss per ADS: | |||||||
Basic and diluted | - | 255,290,167 | 255,290,167 | 255,290,167 | |||
Net loss | (2,937,919) | (1,139,146) | (820,575) | (112,419) | |||
Other comprehensive income/(loss), net of tax of nil: | |||||||
Foreign currency translation adjustments | 38,684 | (75,858) | 3,483 | 477 | |||
Comprehensive loss | (2,899,235) | (1,215,004) | (817,092) | (111,942) | |||
Less: comprehensive income/(loss) attributable to non-controlling interest | 48,969 | 87,134 | 172,206 | 23,592 | |||
Comprehensive loss attributable to shareholders of Zeekr | (2,948,204) | (1,302,138) | (989,298) | (135,534) | |||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) | |||||
For the Year Ended | |||||
December 31 | December 31 | December 31 | |||
2023 | 2024 | 2024 | |||
RMB | RMB | US$ | |||
Revenues: | |||||
Vehicle sales | 33,911,762 | 55,315,306 | 7,578,166 | ||
Sales of batteries and other components | 14,692,617 | 16,793,818 | 2,300,744 | ||
Research and development service and other services | 3,068,239 | 3,803,527 | 521,081 | ||
Total revenues | 51,672,618 | 75,912,651 | 10,399,991 | ||
Cost of revenues: | |||||
Vehicle sales | (28,831,552) | (46,665,051) | (6,393,086) | ||
Sales of batteries and other components | (13,808,131) | (14,481,073) | (1,983,899) | ||
Research and development service and other services | (2,182,405) | (2,319,076) | (317,712) | ||
Total cost of revenues | (44,822,088) | (63,465,200) | (8,694,697) | ||
Gross profit | 6,850,530 | 12,447,451 | 1,705,294 | ||
Operating expenses: | |||||
Research and development expenses | (8,369,207) | (9,720,213) | (1,331,664) | ||
Selling, general and administrative expenses | (6,920,561) | (9,647,404) | (1,321,689) | ||
Other operating income, net | 261,188 | 459,743 | 62,985 | ||
Total operating expenses | (15,028,580) | (18,907,874) | (2,590,368) | ||
Loss from operations | (8,178,050) | (6,460,423) | (885,074) | ||
Interest expense | (256,081) | (69,906) | (9,577) | ||
Interest income | 94,624 | 171,030 | 23,430 | ||
Investment income | - | 726,973 | 99,595 | ||
Other income/(expense), net | 50,587 | (105,849) | (14,500) | ||
Loss before income tax expense and share of income (loss) in equity method investments | (8,288,920) | (5,738,175) | (786,126) | ||
Share of income (loss) in equity method investments | 86,842 | 124,278 | 17,026 | ||
Income tax expense | (62,113) | (176,752) | (24,215) | ||
Net loss | (8,264,191) | (5,790,649) | (793,315) | ||
Less: income attributable to non-controlling interest | 82,789 | 632,921 | 86,710 | ||
Net loss attributable to shareholders of Zeekr | (8,346,980) | (6,423,570) | (880,025) | ||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) | |||||
For the Year Ended | |||||
December 31 | December 31 | December 31 | |||
2023 | 2024 | 2024 | |||
RMB | RMB | US$ | |||
Net loss per share attributed to ordinary shareholders: | |||||
Basic and diluted | (4.17) | (2.73) | (0.37) | ||
Weighted average shares used in calculating net loss per share: | |||||
Basic and diluted | 2,000,000,000 | 2,353,015,830 | 2,353,015,830 | ||
Net loss per ADS attributed to ordinary shareholders: | |||||
Basic and diluted | - | (27.30) | (3.74) | ||
Weighted average ADS used in calculating net loss per ADS: | |||||
Basic and diluted | - | 235,301,583 | 235,301,583 | ||
Net loss | (8,264,191) | (5,790,649) | (793,315) | ||
Other comprehensive income, net of tax of nil: | |||||
Foreign currency translation adjustments | 49,765 | (40,474) | (5,545) | ||
Comprehensive loss | (8,214,426) | (5,831,123) | (798,860) | ||
Less: comprehensive income attributable to non-controlling interest | 82,789 | 632,921 | 86,710 | ||
Comprehensive loss attributable to shareholders of Zeekr | (8,297,215) | (6,464,044) | (885,570) | ||
ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) | ||||||||
Three Months Ended | ||||||||
December 31 | September 30 | December 31 | December 31 | |||||
2023 | 2024 | 2024 | 2024 | |||||
RMB | RMB | RMB | US$ | |||||
Loss from operations | (2,950,087) | (1,216,371) | (1,436,093) | (196,744) | ||||
Share-based compensation expenses | 35,308 | 46,595 | 83,334 | 11,417 | ||||
Non-GAAP loss from operations | (2,914,779) | (1,169,776) | (1,352,759) | (185,327) | ||||
Net loss | (2,937,919) | (1,139,146) | (820,575) | (112,419) | ||||
Share-based compensation expenses | 35,308 | 46,595 | 83,334 | 11,417 | ||||
Non-GAAP net loss | (2,902,611) | (1,092,551) | (737,241) | (101,002) | ||||
Net loss attributable to ordinary shareholders | (2,986,888) | (1,226,280) | (992,781) | (136,011) | ||||
Share-based compensation expenses | 35,308 | 46,595 | 83,334 | 11,417 | ||||
Non-GAAP net loss attributable to ordinary shareholders of Zeekr | (2,951,580) | (1,179,685) | (909,447) | (124,594) | ||||
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | ||||||||
Basic and diluted | 2,000,000,000 | 2,552,901,668 | 2,552,901,668 | 2,552,901,668 | ||||
Non-GAAP net loss per ordinary share attributed to ordinary shareholders | ||||||||
Basic and diluted | (1.48) | (0.46) | (0.36) | (0.05) | ||||
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS | ||||||||
Basic and diluted | - | 255,290,167 | 255,290,167 | 255,290,167 | ||||
Non-GAAP net loss per ADS attributed to ordinary shareholders | ||||||||
Basic and diluted | - | (4.62) | (3.56) | (0.49) | ||||
ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except share and per share data and otherwise noted) | |||||
For the Year Ended | |||||
December 31 | December 31 | December 31 | |||
2023 | 2024 | 2024 | |||
RMB | RMB | US$ | |||
Loss from operations | (8,178,050) | (6,460,423) | (885,074) | ||
Share-based compensation expenses | 135,649 | 1,076,584 | 147,491 | ||
Non-GAAP loss from operations | (8,042,401) | (5,383,839) | (737,583) | ||
Net loss | (8,264,191) | (5,790,649) | (793,315) | ||
Share-based compensation expenses | 135,649 | 1,076,584 | 147,491 | ||
Non-GAAP net loss | (8,128,542) | (4,714,065) | (645,824) | ||
Net loss attributable to ordinary shareholders | (8,346,980) | (6,423,570) | (880,025) | ||
Share-based compensation expenses | 135,649 | 1,076,584 | 147,491 | ||
Non-GAAP net loss attributable to ordinary shareholders of Zeekr | (8,211,331) | (5,346,986) | (732,534) | ||
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | |||||
Basic and diluted | 2,000,000,000 | 2,353,015,830 | 2,353,015,830 | ||
Non-GAAP net loss per ordinary share attributed to ordinary shareholders | |||||
Basic and diluted | (4.11) | (2.27) | (0.31) | ||
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS | |||||
Basic and diluted | - | 235,301,583 | 235,301,583 | ||
Non-GAAP net loss per ADS attributed to ordinary shareholders | |||||
Basic and diluted | - | (22.72) | (3.11) | ||
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SOURCE ZEEKR Intelligent Technology Holding Limited
FAQ
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