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 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 [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 Cost of Revenues and Gross Margin Operating Expenses Loss from Operations Net Loss and Net Loss Per Share [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$1.
00 , the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.
S. dollar amounts referred to could be converted into U.S.
dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.
S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC.
All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law. For Investor Enquiries ZEEKR Investor Relations Email: [email protected] For Media Enquiries ZEEKR Media Relations Email: Globalcomms@zeekrlife.
com ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) As of December 31 June 30 June 30 2023 2024 2024 RMB RMB US$ 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 Get local news delivered to your inbox!.
