Chinese language EV automaker ZEEKR has shared its Q2 2024 monetary outcomes, and its numbers are encouraging for a marque that’s increasing globally and doing so rapidly. Along with monetary numbers, ZEEKR’s CEO shared a couple of fascinating firm updates, together with a brand new mannequin and a few autonomous driving tech.
Geely-owned BEV marque ZEEKR ($ZK) stays one of many extra thrilling Chinese language automakers to look at because it has made big strides in its portfolio and market enlargement in a mere three years of existence.
ZEEKR can be no stranger to constant updates about new merchandise or EV manufacturing milestones. This month alone, it has already plans to broaden to Japan in 2025 and launched new LFP batteries that may recharge from 10-80% as rapidly as 10.5 minutes.
Earlier than that, ZEEKR had already entered new markets in Europe and, most not too long ago, Mexico, because it continues to announce and launch new fashions, which we obtained an replace on right this moment. Moreover, ZEEKR shared its unaudited Q2 2024 monetary report. Highlights under.
ZEEKR’s Q2 deliveries have been up 100% YoY
ZEEKR shared its full unaudited monetary outcomes for Q2 2024, which embrace some document milestones for the younger Chinese language automaker. ZEEKR’s BEV deliveries have been 54,811 models in Q2 2024, up 100% (27,399) in comparison with Q2 2023.
Complete revenues additionally noticed a document quarter, as ZEEKR reported RMB 20.04 billion ($2.76 billion)—up 58.4% year-over-year and 36% in comparison with Q1 2024 ($14.7B). ZEEKR additionally bested Bloomberg analysts’ estimated income of RMB 18.8 billion for Q2.
ZEEKR’s BEV gross sales have been additionally considerably greater in Q2, totaling RMB 13.44 billion ($1.85 billion) and representing 59% year-over-year progress and 64.4% quarterly progress in comparison with Q1 2024. Gross margins have been 17.2% in Q2, in comparison with 12.3% a yr in the past and 11.8% in Q1 2024.
ZEEKR’s internet losses have been up YoY in Q2 (RMB 1.81B in comparison with RMB 1.41B in Q2 2023), however they’re down 10.5% p.c from Q1 2024 (RMB 2.02B). ZEEKR CEO, Andy An, spoke to the Q2 2024 outcomes:
Within the second quarter of 2024, we considerably improved our monetary and operational efficiency, regardless of going through quite a few challenges and financial headwinds. We delivered 54,811 automobiles, marking outstanding 100% year-over-year progress and a 66% enhance quarter-over-quarter.
Along with accelerating deliveries, we efficiently launched a number of new fashions in the course of the second quarter. The progressive applied sciences and distinctive design parts embedded in these automobiles have set new trade benchmarks and rapidly garnered distinctive market responses. Moreover, our accelerated international enlargement and efficient advertising efforts enabled us to increase our buyer base throughout a broader spectrum, driving a surge in gross sales and enhancing our model.
As we progress by means of the second half of 2024, our core targets stay unchanged to constantly spend money on analysis and improvement, guaranteeing we keep on the forefront of technological innovation to drive our enterprise ahead and ship long-term worth for our shareholders.
Along with its Q2 numbers, ZEEKR has put out a few tech updates, together with plans for a new flagship mannequin within the second half of 2025 that’s… a hybrid? That is disheartening information from a younger model that has been solely targeted on BEVs since inception, however hopefully, it’s only a one-off.
ZEEKR’s progress outlined above has come fully from BEVs and battery know-how, so a hybrid appears like a complicated step backward if the brand new mannequin represents greater than a lone choice to appease Chinese language customers who is probably not able to go all-electric.
In different information, CnEVPost studies that ZEEKR has additionally been awarded a Degree 3 autonomous driving allow in Hangzhou, China. This allow allows the automaker to check mother or father firm Geely’s SEA Clever Driving system on metropolis highways and expressways with out reliance on HD maps.
Hangzhou joins Shanghai because the second Chinese language metropolis to permit ZEEKR to check Degree 3 autonomous BEVs. Per earlier statements from the automaker, ZEEKR is focusing on a rollout of its Navigation ZEEKR Pilot (NZP) by the tip of 2024, adopted by a extra strong NZP+ system within the second half of 2025.
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