Chinese EV Maker ZEEKR Sees 117% Jump in Vehicle Deliveries in Q1, Outperforms Expectations

ZEEKR Intelligent Technology Holding Limited ZK reported fiscal first-quarter 2024 revenue of 14.74 billion Chinese yuan ($2.04 billion), representing an increase of 71.0% year-on-year, quashing the analyst consensus estimate of $1.68 billion.

Adjusted EPS loss of $0.14 beat the analyst consensus loss estimate of $1.62.

Total vehicle deliveries were 33,059 units for the first quarter of 2024, up by 117% Y/Y. In May 2024, the company delivered 18,616 vehicles, up by 115% Y/Y.

Vehicle sales were ¥8.17 billion ($1.13 billion) for the quarter, representing an increase of 73.0% Y/Y due to the increased sales volume of ZEEKR vehicles. Vehicle sales decreased 22.8% from the fourth quarter of 2023.

The vehicle margin was 14.0% for the quarter, up from 10.1% Y/Y, primarily attributed to procurement savings.

Revenues from sales of batteries and other components were ¥6.32 billion ($875.1 million) for the quarter of 2024, representing an increase of 82.0%, mainly attributable to the increasing sales volume of battery packs and electric drives.

Revenues from research and development service and other services were ¥244.1 million ($33.8 million) for the quarter, representing a decrease of 42.4% Y/Y.

The gross margin climbed to 11.8% for the quarter, up from 7.9% Y/Y, attributable to the increase in vehicle margin.

The company held ¥3.79 billion ($525.1 million) in cash and equivalents as of March-end.

Price Action: ZK shares traded higher by 6.51% at $25.20 premarket at the last check Tuesday.

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