Zeekr reported strong financial results for the fourth quarter of 2024, with record vehicle deliveries and a reduced net loss.
The Chinese electric vehicle (EV) manufacturer recorded revenue of RMB 22.78 billion ($3.12 billion), reflecting a 39.2% increase year-on-year and a 24.1% rise from the previous quarter.
The company delivered 79,250 vehicles during the quarter, nearly doubling from the same period in 2023 and marking a 44.08% increase from the third quarter.
The growth was primarily driven by higher deliveries of new models, particularly the Zeekr 7X. Revenue from vehicle sales climbed 82.2% year-on-year to RMB 19.3 billion, despite a lower average selling price due to shifts in product mix and pricing strategy.
Zeekr’s net loss narrowed to RMB 821 million, representing a 72.1% decline from a year earlier. On a non-GAAP basis, the loss stood at RMB 737 million, down 74.6% year-on-year. The improvement was attributed to cost reductions and operational efficiencies.
The company reported a record gross margin of 19.0%, compared to 14.2% in the same period last year, while vehicle margin increased to 17.3% from 15.3% year-on-year.
Zeekr did not issue guidance for first-quarter deliveries or revenue. The company recently completed a transaction to acquire a 51% stake in its sister brand Lynk & Co, with Geely entities retaining the remaining 49%. As of December 31, 2024, Zeekr held RMB 8.96 billion in cash and cash equivalents.