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ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) announced that deliveries rose 89% year-over-year to 20,106 vehicles in June 2024. The electric vehicle maker said it has delivered 87,870 vehicles year-to-date in 2024, which is an increase of 106% over the deliveries from the same period last year. As of the end of June, ZEEKR’s cumulative deliveries reached 284,503.
Notably, the company’s flagship ZEEKR 001 surpassed 200,000 deliveries in June, setting a new benchmark in China’s premium BEV market.
ZEEKR (ZK) highlighted that it entered into cooperation agreements with PT Premium Auto Prima in Indonesia and Sentinel Automotive in Malaysia in June. Those deals are considered the official expansion by ZEEKR (ZK) into the Indonesian and Malaysian markets. ZEEKR (ZK) is currently present in over 25 major markets worldwide and aims to expand to more than 50 international markets this year, covering Europe, Asia, Oceania and Latin America.
With its Q1 earnings report, the Chinese battery-electric company reported total revenue of $2.04B, a 71% increase year-over-year and $360M more than what the street expected. Gross profit was up 154.9% to $240.9M and the company’s net loss narrowed by 18% to ($280M), contributing to a wider gross margin of 11.8%, from 7.9%, year-over-year, but down from 14.2% in the previous quarter. The quarter-over-quarter decline was attributed to a greater percentage of battery and component sales, which have a lower gross margin than that for vehicle sales. On a per-share basis, an adjusted net loss of $0.14 narrowed from a year ago and was better than Wall Street expected.
Shares of ZEEKR (ZK) closed at $18.24 on Monday, compared to the IPO pricing level of $21 and post-IPO high of $32.24.