Advertisement
EV maker Zeekr posts record revenue, boosts output to take on Tesla, domestic rivals
- The Geely-controlled company’s revenue jumped 36 per cent as deliveries shot up 65.8 per cent in the second quarter
Reading Time:2 minutes
Why you can trust SCMP
Daniel Renin Shanghai
Zeekr Intelligent Technology, the premium electric vehicle (EV) maker controlled by Geely Auto, reported record revenue in the second quarter as its refreshed models lured more Chinese customers away from rivals.
Advertisement
Revenue jumped 36 per cent to 20 billion yuan (US$2.8 billion) in the April to June quarter, compared with the first three months of 2024. The figure exceeded the company’s previous record of 16.4 billion yuan in the fourth quarter of 2023 by 22.5 per cent and also beat a consensus estimate of 18.8 billion yuan by analysts in a Bloomberg survey.
Net loss narrowed 10.5 per cent quarter on quarter to 1.81 billion yuan, or 0.95 yuan per share, also beating analysts’ forecast of a 1.04 yuan loss per share.
Advertisement
“Zeekr is emerging as a strong player in the premium EV segment as its cars are viewed as value-for-money products by many customers,” said Gao Shen, an independent analyst in Shanghai. “Competition among the premium brands has intensified after Zeekr and smartphone vendor Xiaomi joined the EV race.”
Zeekr’s deliveries at home and abroad in the second quarter shot up 65.8 per cent to 54,811, compared with the previous quarter. Early this month, the company said it aims to hand off 30,000 units per month in the fourth quarter after its assemblies are expanded and fine-tuned. Zeekr sold 118,685 units in 2023, notching a 65 per cent year-on-year increase.
Advertisement
Advertisement