Chinese EV automaker ZEEKR has shared its Q2 2024 financial results, and its numbers are encouraging for a marque that is expanding globally and doing so quickly. In addition to financial numbers, ZEEKR’s CEO shared a few interesting company updates, including a new model and some autonomous driving tech.
Geely-owned BEV marque ZEEKR ($ZK) remains one of the more exciting Chinese automakers to watch as it has made huge strides in its portfolio and market expansion in a mere three years of existence.
ZEEKR is also no stranger to consistent updates about new products or EV production milestones. This month alone, it has already plans to expand to Japan in 2025 and introduced new LFP batteries that can recharge from 10-80% as quickly as 10.5 minutes.
Before that, ZEEKR had already entered new markets in Europe and, most recently, Mexico, as it continues to announce and launch new models, which we got an update on today. Additionally, ZEEKR shared its unaudited Q2 2024 financial report. Highlights below.
ZEEKR’s Q2 deliveries were up 100% YoY
ZEEKR shared its full unaudited financial results for Q2 2024, which include some record milestones for the young Chinese automaker. ZEEKR’s BEV deliveries were 54,811 units in Q2 2024, up 100% (27,399) compared to Q2 2023.
Total revenues also saw a record quarter, as ZEEKR reported RMB 20.04 billion ($2.76 billion)—up 58.4% year-over-year and 36% compared to Q1 2024 ($14.7B). ZEEKR also bested Bloomberg analysts’ estimated revenue of RMB 18.8 billion for Q2.
ZEEKR’s BEV sales were also significantly higher in Q2, totaling RMB 13.44 billion ($1.85 billion) and representing 59% year-over-year growth and 64.4% quarterly growth compared to Q1 2024. Gross margins were 17.2% in Q2, compared to 12.3% a year ago and 11.8% in Q1 2024.
ZEEKR’s net losses were up YoY in Q2 (RMB 1.81B compared to RMB 1.41B in Q2 2023), but they are down 10.5% percent from Q1 2024 (RMB 2.02B). ZEEKR CEO, Andy An, spoke to the Q2 2024 results:
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.
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.
In addition to its Q2 numbers, ZEEKR has put out a couple of tech updates, including plans for a new flagship model in the second half of 2025 that’s… a hybrid? This is disheartening news from a young brand that has been solely focused on BEVs since inception, but hopefully, it’s just a one-off.
ZEEKR’s progress outlined above has come entirely from BEVs and battery technology, so a hybrid feels like a confusing step backward if the new model represents more than a lone option to appease Chinese consumers who may not be ready to go all-electric.
In other news, CnEVPost reports that ZEEKR has also been awarded a Level 3 autonomous driving permit in Hangzhou, China. This permit enables the automaker to test parent company Geely’s SEA Intelligent Driving system on city highways and expressways without reliance on HD maps.
Hangzhou joins Shanghai as the second Chinese city to allow ZEEKR to test Level 3 autonomous BEVs. Per previous statements from the automaker, ZEEKR is targeting a rollout of its Navigation ZEEKR Pilot (NZP) by the end of 2024, followed by a more robust NZP+ system in the second half of 2025.
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