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ZEEKR Reports Second Quarter 2024 Unaudited Financial Results

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ZEEKR, an intelligent BEV technology firm, reported unaudited financial results for Q2 2024, with significant growth in key metrics. Vehicle deliveries doubled year-over-year to 54,811 units. Vehicle sales reached RMB13,438.2 million (US$1,849.2 million), a 59% YoY increase. Total revenues were RMB20,040.1 million (US$2,757.6 million), up 58.4% YoY. Gross profit surged by 122.5% to RMB3,449.8 million (US$474.7 million), boosting the gross margin to 17.2%. Despite these gains, the company reported a net loss of RMB1,808.8 million (US$248.9 million), a 28.7% YoY rise. Recent developments include new model launches and a 30% YoY increase in July vehicle deliveries.

ZEEKR, un'azienda tecnologica intelligente nel campo dei veicoli elettrici a batteria, ha riportato risultati finanziari non auditi per il secondo trimestre del 2024, con una crescita significativa in metriche chiave. Le consegne di veicoli sono raddoppiate rispetto all'anno precedente, raggiungendo le 54.811 unità. Le vendite di veicoli hanno raggiunto RMB13.438,2 milioni (US$1.849,2 milioni), con un aumento del 59% su base annua. I ricavi totali sono stati di RMB20.040,1 milioni (US$2.757,6 milioni), in crescita del 58,4% rispetto all'anno precedente. Il profitto lordo è aumentato del 122,5% a RMB3.449,8 milioni (US$474,7 milioni), portando il margine lordo al 17,2%. Nonostante questi guadagni, l'azienda ha riportato una perdita netta di RMB1.808,8 milioni (US$248,9 milioni), in aumento del 28,7% rispetto all'anno precedente. Tra gli sviluppi recenti ci sono il lancio di nuovi modelli e un aumento del 30% delle consegne di veicoli a luglio su base annua.

ZEEKR, una empresa tecnológica inteligente de vehículos eléctricos de batería, reportó resultados financieros no auditados para el segundo trimestre de 2024, con un crecimiento significativo en métricas clave. Las entregas de vehículos se duplicaron con respecto al año anterior, alcanzando las 54.811 unidades. Las ventas de vehículos llegaron a RMB13.438,2 millones (US$1.849,2 millones), un aumento del 59% interanual. Los ingresos totales fueron de RMB20.040,1 millones (US$2.757,6 millones), un incremento del 58,4% en comparación con el año anterior. La ganancia bruta se disparó un 122,5% a RMB3.449,8 millones (US$474,7 millones), elevando el margen bruto al 17,2%. A pesar de estas ganancias, la compañía reportó una pérdida neta de RMB1.808,8 millones (US$248,9 millones), un aumento del 28,7% interanual. Los desarrollos recientes incluyen el lanzamiento de nuevos modelos y un aumento del 30% en las entregas de vehículos en julio interanual.

ZEEKR, 지능형 전기차 기술 기업,은 2024년 2분기 감사되지 않은 재무 결과를 발표했으며, 주요 지표에서 상당한 성장을 기록했습니다. 차량 인도는 전년 대비 두 배 증가하여 54,811대에 달했습니다. 차량 판매는 RMB13,438.2백만(US$1,849.2백만)에 도달하며, 전년 대비 59% 증가했습니다. 총 수익은 RMB20,040.1백만(US$2,757.6백만)으로, 전년 대비 58.4% 증가했습니다. 총 이익은 122.5% 증가하여 RMB3,449.8백만(US$474.7백만)에 달했으며, 총 이익률은 17.2%에 도달했습니다. 이러한 이익에도 불구하고 회사는 RMB1,808.8백만(US$248.9백만)의 순손실을 기록했으며, 이는 전년 대비 28.7% 증가한 수치입니다. 최근 개발에는 새로운 모델 출시와 7월 차량 인도의 전년 대비 30% 증가가 포함됩니다.

ZEEKR, une entreprise technologique intelligente spécialisée dans les véhicules électriques à batterie, a annoncé des résultats financiers non audités pour le deuxième trimestre 2024, affichant une croissance significative sur des indicateurs clés. Les livraisons de véhicules ont doublé par rapport à l'année précédente, atteignant 54.811 unités. Les ventes de véhicules ont atteint 13.438,2 millions RMB (1.849,2 millions USD), soit une augmentation de 59 % par rapport à l'année précédente. Les revenus totaux se sont élevés à 20.040,1 millions RMB (2.757,6 millions USD), en hausse de 58,4 % par rapport à l'année précédente. Le bénéfice brut a bondi de 122,5 % pour atteindre 3.449,8 millions RMB (474,7 millions USD), portant la marge brute à 17,2 %. Malgré ces gains, l'entreprise a enregistré une perte nette de 1.808,8 millions RMB (248,9 millions USD), soit une augmentation de 28,7 % par rapport à l'année précédente. Parmi les développements récents figurent le lancement de nouveaux modèles et une augmentation de 30 % des livraisons de véhicules en juillet par rapport à l'année précédente.

ZEEKR, ein intelligentes Unternehmen für Batterieelektrische Fahrzeuge, hat nicht geprüfte Finanzzahlen für das zweite Quartal 2024 veröffentlicht, mit einem signifikanten Wachstum in den Hauptkennzahlen. Die Fahrzeuglieferungen haben sich im Jahresvergleich auf 54.811 Einheiten verdoppelt. Der Fahrzeugverkauf belief sich auf RMB13.438,2 Millionen (US$1.849,2 Millionen), was einem Anstieg von 59% im Jahresvergleich entspricht. Die Gesamterlöse betrugen RMB20.040,1 Millionen (US$2.757,6 Millionen), was einem Anstieg von 58,4% im Vergleich zum Vorjahr entspricht. Der Bruttogewinn stieg um 122,5% auf RMB3.449,8 Millionen (US$474,7 Millionen) und erhöhte die Bruttomarge auf 17,2%. Trotz dieser Gewinne meldete das Unternehmen einen Nettoverlust von RMB1.808,8 Millionen (US$248,9 Millionen), was einem Anstieg von 28,7% im Jahresvergleich entspricht. Zu den jüngsten Entwicklungen gehören die Einführung neuer Modelle und ein Anstieg der Fahrzeugauslieferungen im Juli um 30% im Jahresvergleich.

Positive
  • Vehicle deliveries doubled YoY to 54,811 units.
  • Total revenues increased by 58.4% YoY to RMB20,040.1 million (US$2,757.6 million).
  • Gross profit surged by 122.5% YoY to RMB3,449.8 million (US$474.7 million).
  • Gross margin improved to 17.2% from 12.3% YoY.
  • Adjusted loss from operations decreased by 41.7% YoY to RMB777.1 million (US$106.9 million).
Negative
  • Net loss increased by 28.7% YoY to RMB1,808.8 million (US$248.9 million).
  • Loss from operations rose by 25.5% YoY to RMB1,721.0 million (US$236.8 million).

Insights

ZEEKR's Q2 2024 results show impressive growth across key metrics. Vehicle deliveries doubled year-over-year to 54,811 units, while total revenues jumped 58.4% to RMB20.04 billion. The company's gross margin expanded significantly to 17.2% from 12.3% a year ago, reflecting improved cost management and economies of scale.

However, operating losses widened by 25.5% year-over-year to RMB1.72 billion, mainly due to higher R&D and SG&A expenses. This suggests ZEEKR is heavily investing in future growth, which could pressure near-term profitability but potentially drive long-term value creation.

The launch of new models like the ZEEKR 009 MPV and 7X SUV demonstrates the company's commitment to expanding its product lineup. This diversification strategy could help ZEEKR capture additional market share in China's competitive EV landscape.

ZEEKR's rapid growth outpaces the overall Chinese EV market, indicating strong brand momentum and product appeal. The company's focus on premium vehicles positions it well in a segment with potentially higher margins and less price competition.

The expansion of ZEEKR's product range into MPVs and larger SUVs aligns with evolving consumer preferences in China. This strategy could help broaden the company's customer base and increase market penetration.

ZEEKR's emphasis on advanced technologies like ultra-fast charging and AI-powered systems demonstrates its commitment to innovation. This focus on cutting-edge features could be a key differentiator in the increasingly crowded EV market, potentially justifying premium pricing and supporting long-term brand value.

ZEEKR's investment in proprietary ADAS and AI OS technologies showcases its commitment to vertical integration and differentiation. The company's focus on advanced battery technology, exemplified by the 800V platform and Qilin 5C battery in the ZEEKR 009, positions it at the forefront of EV performance.

The ultra-fast charging capability (10-80% in 10-11 minutes) addresses a key consumer pain point and could be a significant competitive advantage. This technology, if scalable across ZEEKR's lineup, could accelerate EV adoption by mitigating range anxiety.

ZEEKR's increasing R&D expenses (89.6% year-over-year growth) indicate substantial investment in future technologies. While this impacts short-term profitability, it's important for maintaining a competitive edge in the rapidly evolving EV tech landscape.

HANGZHOU, China, Aug. 21, 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 its unaudited financial results for the second quarter ended June 30, 2024.

Operating Highlights for the Second Quarter of 2024

  • Total vehicle deliveries were 54,811 units for the second quarter of 2024, representing a 100% year-over-year increase.

Deliveries


2024 Q2


2024 Q1


2023 Q4


2023 Q3



54,811


33,059


39,657


36,395










Deliveries


2023 Q2


2023 Q1


2022 Q4


2022 Q3



27,399


15,234


32,467


20,464

Financial Highlights for the Second Quarter of 2024

  • Vehicle sales were RMB13,438.2 million (US$1,849.2 million)[1] for the second quarter of 2024, representing an increase of 59.0% from the second quarter of 2023 and an increase of 64.4% from the first quarter of 2024.
  • Vehicle margin[2] was 14.2% for the second quarter of 2024, compared with 13.6% for the second quarter of 2023 and 14.0% for the first quarter of 2024.
  • Total revenues were RMB20,040.1 million (US$2,757.6 million) for the second quarter of 2024, representing an increase of 58.4% from the second quarter of 2023 and an increase of 36.0% from the first quarter of 2024.
  • Gross profit was RMB3,449.8 million (US$474.7 million) for the second quarter of 2024, representing an increase of 122.5% from the second quarter of 2023 and an increase of 98.3% from the first quarter of 2024.
  • Gross margin was 17.2% for the second quarter of 2024, compared with 12.3% for the second quarter of 2023 and 11.8% for the first quarter of 2024.
  • Loss from operations was RMB1,721.0 million (US$236.8 million) for the second quarter of 2024, representing an increase of 25.5% from the second quarter of 2023 and a decrease of 17.5% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[3] was RMB777.1 million (US$106.9 million) for the second quarter of 2024, representing a decrease of 41.7% from the second quarter of 2023 and a decrease of 62.7% from the first quarter of 2024.
  • Net loss was RMB1,808.8 million (US$248.9 million) for the second quarter of 2024, representing an increase of 28.7% from the second quarter of 2023 and a decrease of 10.5% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB864.9 million (US$119.0 million) for the second quarter of 2024, representing a decrease of 36.8% from the second quarter of 2023 and a decrease of 57.2% from the first quarter of 2024.

[1] All conversions from Renminbi("RMB") to U.S. dollars ("US$") are made at an exchange rate of RMB7.2672 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on June 28, 2024.

[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

(in RMB millions, except for percentages)


2024 Q2

2024 Q1

2023 Q2

% Change i 





YoY

QoQ

Vehicle sales

13,438.2

8,174.1

8,450.2

59.0 %

64.4 %

Vehicle margin

14.2 %

14.0 %

13.6 %

0.6pts

0.2pts







Total revenues

20,040.1

14,736.8

12,649.7

58.4 %

36.0 %

Gross profit

3,449.8

1,739.4

1,550.3

122.5 %

98.3 %

Gross margin

17.2 %

11.8 %

12.3 %

4.9pts

5.4pts







Loss from operations

(1,721.0)

(2,086.9)

(1,371.0)

25.5 %

(17.5) %

Non-GAAP loss from operations

(777.1)

(2,084.2)

(1,333.5)

(41.7) %

(62.7) %







Net loss

(1,808.8)

(2,022.1)

(1,405.2)

28.7 %

(10.5) %

Non-GAAP net loss

(864.9)

(2,019.4)

(1,367.7)

(36.8) %

(57.2) %







i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.

Recent Developments

Delivery Update

In July 2024, the Company delivered 15,655 vehicles, representing an increase of 30% from July 2023.

New Model Launches

On August 13, 2024, ZEEKR launched its updated ZEEKR 001 and upscale sedan models, both featuring the latest proprietary ADAS and AI OS technologies. The updated upscale sedan model, now equipped with enhanced batteries, can charge from 10% to 80% in just 10 to 11 minutes using ZEEKR's ultra-charging piles.

On July 19, 2024, ZEEKR officially introduced its luxury flagship MPV, the all-new ZEEKR 009, with deliveries starting on July 22, 2024. Boasting an 800V battery electric platform and a Qilin 5C battery, the all-new ZEEKR 009 accelerates from 0 to 100 km/h in 3.9 seconds. It delivers a CLTC range of 702km with its 108kWh battery and a maximum CLTC range of 900km with the optional 140kWh battery.

In July, ZEEKR unveiled its mid-large SUV, the ZEEKR 7X, revealing further insights into its original "Hidden Energy" design. The ZEEKR 7X, with a wheelbase of 2,925mm, a length of 4,825mm, and a width of 1,930mm, exemplifies ZEEKR's commitment to product excellence.

CEO and CFO Comments

"In the second quarter of 2024, we substantially improved our financial and operational performance, despite facing numerous challenges and economic headwinds. We delivered 54,811 vehicles, marking remarkable 100% year-over-year growth and a 66% increase quarter-over-quarter," Mr. Andy An, ZEEKR's chief executive officer commented. "In addition to accelerating deliveries, we successfully launched several new models during the second quarter. The innovative technologies and distinctive design elements embedded in these vehicles have set new industry benchmarks and quickly garnered exceptional market responses. Furthermore, our accelerated global expansion and effective marketing efforts enabled us to extend our customer base across a broader spectrum, driving a surge in sales and enhancing our brand. As we progress through the second half of 2024, our core objectives remain unchanged to continuously invest in research and development, ensuring we stay at the forefront of technological innovation to drive our business forward and deliver long-term value for our shareholders."

"We are pleased to report another strong quarter, with total revenues reaching RMB20 billion, representing a 58.4% year-over-year increase and 36.0% growth quarter-over-quarter. We made significant strides in optimizing costs while maintaining high-quality delivery standards, contributing to sustainable margin and profitability improvement," Mr. Jing Yuan, ZEEKR's chief financial officer added. "Moving forward, we remain dedicated to improving product quality, expanding our market share and propelling the sustainable growth of our business."

Financial Results for the Second Quarter of 2024

Revenues

  • Total revenues were RMB20,040.1 million (US$2,757.6 million) for the second quarter of 2024, representing an increase of 58.4% from RMB12,649.7 million for the second quarter of 2023 and an increase of 36.0% from RMB14,736.8 million for the first quarter of 2024.

  • Revenues from vehicle sales were RMB13,438.2 million (US$1,849.2 million) for the second quarter of 2024, representing an increase of 59.0% from RMB8,450.2 million for the second quarter of 2023, and an increase of 64.4% from RMB8,174.1 million for the first quarter of 2024. The year-over-year increase was due to the increased sales volume of ZEEKR vehicles, partially offset by the lower average selling price due to the different product mix and pricing strategy changes between the two quarters. The quarter-over-quarter increase was mainly attributable to the increased sales volume of ZEEKR vehicles.

  • Revenues from sales of batteries and other components were RMB5,299.2 million (US$729.2 million) for the second quarter of 2024, representing an increase of 36.1% from RMB3,894.3 million for the second quarter of 2023 and a decrease of 16.1% from RMB6,318.5 million for the first quarter of 2024. The year-over-year increase was mainly driven by higher sales volume of battery packs and electric drives, as well as the growth of battery components sales overseas. The quarter-over-quarter decrease was mainly attributable to the lower sales of battery modules in the domestic market compared with the prior period.

  • Revenues from research and development service and other services were RMB1,302.6 million (US$179.2 million) for the second quarter of 2024, representing an increase of 326.8% from RMB305.2 million for the second quarter of 2023 and an increase of 433.6% from RMB244.1 million for the first quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly due to the increased sales of research and development services to related parties.

Cost of Revenues and Gross Margin

  • Cost of revenues was RMB16,590.2 million (US$2,282.9 million) for the second quarter of 2024, representing an increase of 49.5% from RMB11,099.3 million for the second quarter of 2023 and an increase of 27.6% from RMB12,997.4 million for the first quarter of 2024.

  • Gross profit was RMB3,449.8 million (US$474.7 million) for the second quarter of 2024, representing an increase of 122.5% from RMB1,550.3 million for the second quarter of 2023 and an increase of 98.3% from RMB1,739.4 million for the first quarter of 2024.

  • Gross margin was 17.2% for the second quarter of 2024, compared with 12.3% for the second quarter of 2023 and 11.8% for the first quarter of 2024. The year-over-year increase and quarter-over-quarter increase were mainly attributable to the increased margins on batteries and other components.

  • Vehicle margin was 14.2% for the second quarter of 2024, compared with 13.6% for the second quarter of 2023 and 14.0% for the first quarter of 2024. The year-over-year increase was primarily attributed to procurement savings as the cost of auto parts and materials decreased, partly offset by the lower average selling price of ZEEKR vehicles. The quarter-over-quarter increase was mainly due to the change in product mix. Vehicle margin remained generally stable in the second quarter of 2024.

Operating Expenses

  • Research and development expenses were RMB2,623.5 million (US$361.0 million) for the second quarter of 2024, representing an increase of 89.6% from RMB1,383.5 million for the second quarter of 2023 and an increase of 36.3% from RMB1,925.3 million for the first quarter of 2024. The year-over-year increase was mainly attributable to increased employee compensation due to an increased number of research and development staff and share-based compensation expenses recognized from the share-based awards granted to employees, including a one-off large amount recognized in the second quarter, conditional on the Company's initial public offering. The quarter-over-quarter increase was mainly attributable to increased employee compensation due to the aforementioned share-based compensation expenses.

  • Selling, general and administrative expenses were RMB2,604.7 million (US$358.4 million) for the second quarter of 2024, representing an increase of 61.3% from RMB1,614.3 million for the second quarter of 2023 and an increase of 33.5% from RMB1,951.5 million for the first quarter of 2024. The year-over-year increase was mainly due to increased employee compensation due to share-based compensation expenses recognized from the share-based awards granted to employees, including a one-off large amount recognized in the second quarter, conditional on the Company's initial public offering, and increased expenses related to the expansion of offline channels in China and overseas. The quarter-over-quarter increase was mainly due to increased employee compensation due to the aforementioned share-based compensation expenses.

Loss from Operations

  • Loss from operations was RMB1,721.0 million (US$236.8 million) for the second quarter of 2024, representing an increase of 25.5% from RMB1,371.0 million for the second quarter of 2023 and a decrease of 17.5% from RMB2,086.9 million for the first quarter of 2024.

  • Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB777.1 million (US$106.9 million) for the second quarter of 2024, representing a decrease of 41.7% from RMB1,333.5 million for the second quarter of 2023 and a decrease of 62.7% from RMB2,084.2 million for the first quarter of 2024.

Net Loss and Net Loss Per Share

  • Net loss was RMB1,808.8 million (US$248.9 million) for the second quarter of 2024, representing an increase of 28.7% from RMB1,405.2 million for the second quarter of 2023 and a decrease of 10.5% from RMB2,022.1 million for the first quarter of 2024.

  • Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB864.9 million (US$119.0 million) for the second quarter of 2024, representing a decrease of 36.8% from RMB1,367.7 million for the second quarter of 2023 and a decrease of 57.2% from RMB2,019.4 million for the first quarter of 2024.

  • Net loss attributable to ordinary shareholders of ZEEKR was RMB2,190.2 million (US$301.4 million) for the second quarter of 2024, representing an increase of 47.0% from RMB1,489.7 million for the second quarter of 2023 and an increase of 8.7% from RMB2,014.3 million for the first 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 RMB1,246.3 million (US$171.5 million) for the second quarter of 2024, representing a decrease of 14.2% from RMB1,452.2 million for the second quarter of 2023 and a decrease of 38.0% from RMB2,011.6 million for the first quarter of 2024.

  • Basic and diluted net loss per share attributed to ordinary shareholders were RMB0.95 (US$0.13) each for the second quarter of 2024, compared with RMB0.74 each for the second quarter of 2023 and RMB1.01 each for the first quarter of 2024.

  • Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.54 (US$0.07) each for the second quarter of 2024, compared with RMB0.73 each for the second quarter of 2023 and RMB1.01 each for the first quarter of 2024.

  • Basic and diluted net loss per American Depositary Share ("ADS[4]") attributed to ordinary shareholders were RMB9.51 (US$1.31) each for the second quarter of 2024.

  • Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were RMB5.41 (US$0.75) each for the second quarter of 2024.

[4] Each ADS represents ten ordinary shares.

Balance Sheets

Cash and cash equivalents and restricted cash was RMB8,048.1 million (US$1,107.5 million) as of June 30, 2024.

Conference Call

The Company's management will host an earnings conference call on Wednesday, August 21, 2024, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).

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/10191577/fd3dea2392

A live webcast of the conference call will be available on the Company's investor relations website at https://ir.zeekrlife.com/.

About ZEEKR

ZEEKR is a fast-growing intelligent BEV technology company. The Company aspires to lead the electrification, intelligentization, and innovation of the automobile industry through the development and sales of next-generation premium BEVs and technology-driven solutions. Incorporated in March 2021, ZEEKR has focused on innovative BEV architecture, hardware, software, and the application of new technologies. Our diverse product lineup spans a range of vehicle models, including shooting brakes, MPVs and upscale sedans, all meticulously designed to cater to the evolving needs of our customer needs.

With a mission to create the ultimate mobility experience through technology and solutions, ZEEKR's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as the creation of a series of customer-oriented products and go-to-market strategies.

For more information, please visit https://ir.zeekrlife.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 U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

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 U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.

For Investor Enquiries 
ZEEKR
Investor Relations
Email: ir@zeekrlife.com

For Media Enquiries 
ZEEKR
Media Relations
Email: Globalcomms@zeekrlife.com

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)



As of


December 31


June 30


June 30


2023


2024


2024


RMB


RMB


US$







ASSETS






Current assets:






Cash and cash equivalents

3,260,670


5,495,539


756,211

Restricted cash

844,079


2,552,561


351,244

Notes receivable

487,851


1,502,984


206,817

Accounts receivable

1,104,450


1,206,222


165,982

Inventories

5,228,689


4,267,195


587,186

Amounts due from related parties

7,256,861


7,145,521


983,256

Prepayments and other current assets

2,294,508


3,062,405


421,401

Total current assets

20,477,108


25,232,427


3,472,097

Property, plant and equipment, net

2,914,274


3,320,738


456,949

Intangible assets, net

410,912


554,479


76,299

Land use rights, net

51,755


62,539


8,606

Operating lease right-of-use assets

2,443,545


2,319,631


319,192

Deferred tax assets

86,395


188,174


25,894

Long-term investments

459,794


638,097


87,805

Other non-current assets

273,717


362,830


49,927

Total non-current assets

6,640,392


7,446,488


1,024,672

TOTAL ASSETS

27,117,500


32,678,915


4,496,769

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands)



As of


December 31


June 30


June 30


2023


2024


2024


RMB


RMB


US$

LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities:






Short-term Borrowings

-


30,000


4,128

Accounts payable

4,104,717


4,293,914


590,862

Notes payable

5,504,945


10,662,344


1,467,187

Amounts due to related parties

16,355,902


13,770,683


1,894,909

Income tax payable

108,083


239,300


32,929

Accruals and other current liabilities

6,243,956


8,697,194


1,196,775

Total current liabilities

32,317,603


37,693,435


5,186,790

Long-term borrowings

-


414,680


57,062

Operating lease liabilities, non-current

1,807,159


1,662,850


228,816

Amounts due to related parties, non-current

1,100,000


450,000


61,922

Other non-current liabilities

563,001


505,010


69,492

Deferred tax liability

8,337


8,149


1,121

Total non-current liabilities

3,478,497


3,040,689


418,413

TOTAL LIABILITIES

35,796,100


40,734,124


5,605,203







SHAREHOLDERS' EQUITY






Ordinary shares

2,584


3,361


462

Convertible preferred shares

362


-


-

Shares subscription receivable

-


(66)


(9)

Additional paid-in capital

11,213,798


15,635,867


2,151,567

Accumulated deficits

(20,865,686)


(25,070,195)


(3,449,774)

Accumulated other comprehensive income

17,555


49,456


6,806

Total ZEEKR shareholders' deficit

(9,631,387)


(9,381,577)


(1,290,948)

Non-controlling interest

952,787


1,326,368


182,514

TOTAL SHAREHOLDERS' DEFICIT

(8,678,600)


(8,055,209)


(1,108,434)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 

27,117,500


32,678,915


4,496,769

 

 

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


June 30


March 31


June 30


June 30


2023


2024


2024


2024


RMB


RMB


RMB


US$

Revenues:








Vehicle sales

8,450,177


8,174,117


13,438,241


1,849,164

Sales of batteries and other components

3,894,307


6,318,535


5,299,171


729,190

Research and development service and
other services

305,190


244,100


1,302,639


179,249

Total revenues

12,649,674


14,736,752


20,040,051


2,757,603

Cost of revenues:








Vehicle sales

(7,300,487)


(7,026,741)


(11,533,020)


(1,586,996)

Sales of batteries and other components

(3,606,782)


(5,883,360)


(4,223,452)


(581,166)

Research and development service and
other services

(192,079)


(87,301)


(833,756)


(114,729)

Total cost of revenues

(11,099,348)


(12,997,402)


(16,590,228)


(2,282,891)

Gross profit

1,550,326


1,739,350


3,449,823


474,712

Operating expenses:








Research and development expenses

(1,383,501)


(1,925,278)


(2,623,471)


(361,002)

Selling, general and administrative
expenses

(1,614,305)


(1,951,530)


(2,604,665)


(358,414)

Other operating income, net

76,488


50,525


57,287


7,883

Total operating expenses

(2,921,318)


(3,826,283)


(5,170,849)


(711,533)

Loss from operations

(1,370,992)


(2,086,933)


(1,721,026)


(236,821)

Interest expense

(87,364)


(10,700)


(23,396)


(3,219)

Interest income

18,512


20,192


42,537


5,853

Other income/(expense), net

27,040


(29,658)


(7,809)


(1,075)

Loss before income tax expense and
share of losses in equity method
investments

(1,412,804)


(2,107,099)


(1,709,694)


(235,262)

Share of income/(loss) in equity method
investments

(11,090)


90,882


85,852


11,814

Income tax expense

18,678


(5,889)


(184,980)


(25,454)

Net loss

(1,405,216)


(2,022,106)


(1,808,822)


(248,902)

Less: income/(loss) attributable to non-
controlling interest

84,481


(7,782)


381,363


52,477

Net loss attributable to shareholders of
ZEEKR

(1,489,697)


(2,014,324)


(2,190,185)


(301,379)

 

 

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


June 30


March 31


June 30


June 30


2023


2024


2024


2024


RMB


RMB


RMB


US$

Net loss per share attributed to
ordinary shareholders:








Basic and diluted

(0.74)


(1.01)


(0.95)


(0.13)

Weighted average shares used in
calculating net loss per share:








Basic and diluted

2,000,000,000


2,000,000,000


2,301,866,887


2,301,866,887

Net loss per ADS attributed to
ordinary shareholders:








Basic and diluted

-


-


(9.51)


(1.31)

Weighted average ADS used in
calculating net loss per ADS:








Basic and diluted

-


-


230,186,689


230,186,689

Net loss

(1,405,216)


(2,022,106)


(1,808,822)


(248,902)

Other comprehensive income/(loss),
net of tax of nil:








Foreign currency translation
adjustments

48,240


(42,769)


74,670


10,275

Comprehensive loss

(1,356,976)


(2,064,875)


(1,734,152)


(238,627)

Less: comprehensive income/(loss)
attributable to non-controlling interest

84,481


(7,782)


381,363


52,477

Comprehensive loss attributable to
shareholders of ZEEKR

(1,441,457)


(2,057,093)


(2,115,515)


(291,104)

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)



Six Months Ended


June 30


June 30


June 30


2023


2024


2024


RMB


RMB


US$

Revenues:






Vehicle sales

13,175,373


21,612,358


2,973,959

Sales of batteries and other components

7,365,776


11,617,706


1,598,650

Research and development service and other
services

728,933


1,546,739


212,838

Total revenues

21,270,082


34,776,803


4,785,447

Cost of revenues:






Vehicle sales

(11,549,164)


(18,559,761)


(2,553,908)

Sales of batteries and other components

(7,010,648)


(10,106,812)


(1,390,744)

Research and development service and other
services

(477,474)


(921,057)


(126,742)

Total cost of revenues

(19,037,286)


(29,587,630)


(4,071,394)

Gross profit

2,232,796


5,189,173


714,053

Operating expenses:






Research and development expenses

(3,188,554)


(4,548,749)


(625,929)

Selling, general and administrative expenses

(2,898,733)


(4,556,195)


(626,953)

Other operating income, net

134,296


107,812


14,835

Total operating expenses

(5,952,991)


(8,997,132)


(1,238,047)

Loss from operations

(3,720,195)


(3,807,959)


(523,994)

Interest expense

(192,165)


(34,096)


(4,692)

Interest income

41,243


62,729


8,632

Other income/(expense), net

38,147


(37,467)


(5,155)

Loss before income tax expense and share of
losses in equity method investments

(3,832,970)


(3,816,793)


(525,209)

Share of income/(loss) in equity method
investments

(55,240)


176,734


24,319

Income tax expense

17,632


(190,869)


(26,264)

Net loss

(3,870,578)


(3,830,928)


(527,154)

Less: income attributable to non-controlling
interest

13,452


373,581


51,406

Net loss attributable to shareholders of
ZEEKR

(3,884,030)


(4,204,509)


(578,560)

 

 

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) 



Six Months Ended


June 30


June 30


June 30


2023


2024


2024


RMB


RMB


US$

Net loss per share attributed to ordinary
shareholders:






Basic and diluted

(1.94)


(1.95)


(0.27)

Weighted average shares used in
calculating net loss per share:






Basic and diluted

2,000,000,000


2,150,933,444


2,150,933,444

Net loss per ADS attributed to ordinary
shareholders:






Basic and diluted

-


(19.55)


(2.69)

Weighted average ADS used in calculating
net loss per ADS:






Basic and diluted

-


215,093,344


215,093,344

Net loss

(3,870,578)


(3,830,928)


(527,154)

Other comprehensive income, net of tax of
nil:






Foreign currency translation adjustments

46,321


31,901


4,390

Comprehensive loss

(3,824,257)


(3,799,027)


(522,764)

Less: comprehensive income attributable to
non-controlling interest

13,452


373,581


51,406

Comprehensive loss attributable to
shareholders of ZEEKR

(3,837,709)


(4,172,608)


(574,170)

 

 

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


June 30


March 31


June 30


June 30


2023


2024


2024


2024


RMB


RMB


RMB


US$

Loss from operations

(1,370,992)


(2,086,933)


(1,721,026)


(236,821)

Share-based compensation expenses

37,471


2,734


943,921


129,888

Non-GAAP loss from operations

(1,333,521)


(2,084,199)


(777,105)


(106,933)

Net loss

(1,405,216)


(2,022,106)


(1,808,822)


(248,902)

Share-based compensation expenses

37,471


2,734


943,921


129,888

Non-GAAP net loss

(1,367,745)


(2,019,372)


(864,901)


(119,014)

Net loss attributable to ordinary
shareholders

(1,489,697)


(2,014,324)


(2,190,185)


(301,379)

Share-based compensation expenses

37,471


2,734


943,921


129,888

Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR

(1,452,226)


(2,011,590)


(1,246,264)


(171,491)









Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share








Basic and diluted

2,000,000,000


2,000,000,000


2,301,866,887


2,301,866,887

Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders








Basic and diluted

(0.73)


(1.01)


(0.54)


(0.07)

Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS








Basic and diluted

-


-


230,186,689


230,186,689

Non-GAAP net loss per ADS
attributed to ordinary shareholders








Basic and diluted

-


-


(5.41)


(0.75)

 

 

ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands, except share and per share data and otherwise noted)



Six Months Ended


June 30


June 30


June 30


2023


2024


2024


RMB


RMB


US$

Loss from operations

(3,720,195)


(3,807,959)


(523,994)

Share-based compensation expenses

70,199


946,655


130,264

Non-GAAP loss from operations

(3,649,996)


(2,861,304)


(393,730)

Net loss

(3,870,578)


(3,830,928)


(527,154)

Share-based compensation expenses

70,199


946,655


130,264

Non-GAAP net loss

(3,800,379)


(2,884,273)


(396,890)

Net loss attributable to ordinary shareholders

(3,884,030)


(4,204,509)


(578,560)

Share-based compensation expenses

70,199


946,655


130,264

Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR

(3,813,831)


(3,257,854)


(448,296)







Weighted average number of ordinary
shares used in calculating Non-GAAP net
loss per share






Basic and diluted

2,000,000,000


2,150,933,444


2,150,933,444

Non-GAAP net loss per ordinary share
attributed to ordinary shareholders






Basic and diluted

(1.91)


(1.51)


(0.21)

Weighted average number of ADS used in
calculating Non-GAAP net loss per ADS






Basic and diluted

-


215,093,344


215,093,344

Non-GAAP net loss per ADS attributed to
ordinary shareholders






Basic and diluted

-


(15.15)


(2.08)

 

 

Cision View original content:https://www.prnewswire.com/news-releases/zeekr-reports-second-quarter-2024-unaudited-financial-results-302227070.html

SOURCE ZEEKR Intelligent Technology Holding Limited

FAQ

How many vehicles did ZEEKR deliver in Q2 2024?

ZEEKR delivered 54,811 vehicles in Q2 2024, a 100% year-over-year increase.

What were ZEEKR's total revenues in Q2 2024?

ZEEKR's total revenues in Q2 2024 were RMB20,040.1 million (US$2,757.6 million), up 58.4% year-over-year.

What was ZEEKR's net loss for Q2 2024?

ZEEKR reported a net loss of RMB1,808.8 million (US$248.9 million) for Q2 2024, a 28.7% increase year-over-year.

How much did ZEEKR's gross profit increase in Q2 2024?

ZEEKR's gross profit increased by 122.5% year-over-year to RMB3,449.8 million (US$474.7 million) in Q2 2024.

What was ZEEKR's vehicle margin in Q2 2024?

ZEEKR's vehicle margin was 14.2% in Q2 2024, compared to 13.6% in Q2 2023.

Stock ZK logo
ZEEKR Intelligent Technology Holding Limited American Depositary Shares (each representing ten (10) Ordinary Shares)

NYSE:ZK

ZK Rankings

#1212 Ranked by Market Cap
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ZK Latest News

Nov 14, 2024
ZEEKR Announces Strategic Integration Transactions with Geely
Nov 13, 2024
ZEEKR Reports Third Quarter 2024 Unaudited Financial Results
Oct 31, 2024
ZEEKR Announces October 2024 Delivery Update
Oct 22, 2024
ZEEKR to Report Third Quarter 2024 Financial Results on November 14, 2024
Sep 30, 2024
ZEEKR Announces September 2024 Delivery Update

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