2024 is a milestone year for ZEEKR, as its first post-IPO financial report shows that ZEEKR Group's total revenue for the year (including ZEEKR brand and Lynk &amp; Co brand) reached 113.89 billion yuan, with total operating revenue exceeding 75 billion yuan, and annual deliveries increased by 87.2% year-on-year.
Notably, in the fourth quarter, deliveries reached 79,250 units, a staggering increase of 99.8% year-on-year, setting a historical high since the company's establishment, demonstrating strong market growth momentum. The ZEEKR brand achieved a profit of 214 million yuan for the entire year of 2024, expected to become the fastest profitable Chinese new energy vehicle company in the U.S. stock market.
ZEEKR Technology Group announced its 2024 and fourth-quarter financial report on Thursday, which shows:
<blockquote>
<ul>
<li>Financial Performance: Total operating revenue for 2024 was 75.913 billion yuan (USD 10.4 billion), a year-on-year increase of 46.9%; fourth-quarter revenue was 22.778 billion yuan, a year-on-year increase of 39.2%; the gross profit margin for vehicle sales increased to 15.6% for the year, reaching 17.3% in the fourth quarter.</li>
<li>Surge in Deliveries: Total deliveries for 2024 reached 222,123 units, a year-on-year increase of 87.2%; fourth-quarter deliveries were 79,250 units, a year-on-year increase of 99.8%, setting a historical high.</li>
<li>Narrowing Losses: The net loss for the year was 5.791 billion yuan, a year-on-year decrease of 29.9%; the net loss for the fourth quarter was 821 million yuan, a year-on-year decrease of 72.1% and a quarter-on-quarter decrease of 28.0%.</li>
<li>Strategic Development: Successfully integrated the Lynk &amp; Co brand, with total deliveries for both brands reaching 31,277 units in February 2025; accelerated global expansion strategy, with the new model Zeekr 007GT planned for launch in the second quarter of 2025.</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/2f686867-d407-4c88-b586-e2909f47320c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/2f686867-d407-4c88-b586-e2909f47320c.png"/>
</blockquote>
<h2>Profitability Continues to Strengthen, Losses are Significantly Narrowing</h2>
Although ZEEKR is still in a loss position, the extent of the losses is significantly narrowing. The net loss for the entire year of 2024 was 5.791 billion yuan, a decrease of 29.9% from the previous year's 8.264 billion yuan; more notably, the net loss for the fourth quarter was only 821 million yuan, a substantial decrease of 72.1% year-on-year and a decrease of 28.0% quarter-on-quarter.
The improvement in profitability mainly comes from the steady increase in gross profit margin. The gross profit margin for the entire year of 2024 reached 16.4%, an increase of 3.1 percentage points from the previous year's 13.3%; the gross profit margin for vehicle sales also increased from 15.0% to 15.6%. In the fourth quarter, the gross profit margin for vehicle sales reached 17.3%, an increase of 2 percentage points from 15.3% in the same period of 2023.
ZEEKR's Chief Financial Officer Yuan Jing pointed out in the financial report interpretation:
<blockquote>
Thanks to strict supply chain cost management, economies of scale, and technology-driven cost reduction measures, we continue to enhance our profitability, with the gross profit margin for vehicles in the fourth quarter increasing to 17.3%, reaching 15.6% for the entire year
</blockquote>
<h2>Strategic Integration and Global Expansion</h2>
ZEEKR completed its strategic integration with Geely's Lynk &amp; Co brand in February 2025, a transaction that was successfully completed in just three months. After the integration, ZEEKR Group achieved a total delivery volume of 31,277 vehicles in February 2025, including 14,039 ZEEKR brand vehicles and 17,238 Lynk &amp; Co brand vehicles.
ZEEKR CEO An Conghui stated:
<blockquote>
Looking ahead to 2025, we will continue to expand our product line and enhance our competitiveness. By leveraging AI-driven innovation and accelerating our global expansion strategy, we will advance our strategic vision and unlock greater synergies. We remain committed to leading the high-end new energy market, achieving our goals through scalable growth and strong risk resilience.
</blockquote>
In terms of product roadmap, ZEEKR launched the Zeekr 007GT shooting brake enhanced version based on a high-end sedan model in January 2025, with plans for an official launch in the second quarter of 2025. Additionally, the company showcased its innovations in smart cockpit technology, autonomous driving, global charging infrastructure, and next-generation mobility solutions at the CES exhibition in January 2025.
Regarding intelligent driving, An Conghui, President of Geely Holding Group and CEO of ZEEKR Technology Group, revealed that Qianli Haohan Intelligent Driving is Geely's unified intelligent driving solution. After the integration of ZEEKR and Lynk &amp; Co, the flagship Lynk &amp; Co 900 six-seat SUV, which is the world's first to feature NVIDIA Thor intelligent driving chip, will adopt the Qianli Haohan H7 intelligent driving solution and will begin pre-sales on March 25, with a market launch in late April. Meanwhile, ZEEKR's full-size flagship SUV ZEEKR 9X will be equipped with the L3 level intelligent driving solution Qianli Haohan H9, which is expected to have mass production capabilities in 2025 and will debut at the Shanghai Auto Show in April, with an official launch in the third quarter of this year

ZEEKR released its first financial report after going public, with total revenue (including ZEEKR brand and Lynk & Co brand) of 113.89 billion yuan last year, total operating income exceeding 75 billion yuan, and the gross profit margin for vehicle sales increasing to 15.6% for the year, reaching 17.3% in the fourth quarter, with losses further narrowing

- In 2024, Zeekr Group reported total revenue of 113.89 billion yuan, with a significant increase in deliveries by 87.2%, reaching a record high of 79,250 vehicles in Q4.  
- The company narrowed its annual net loss to 5.791 billion yuan, a 29.9% reduction from the previous year, while improving gross margins to 16.4%.  
- Zeekr plans to expand its product line and global presence, launching the Zeekr 007GT in Q2 2025 and integrating with the Lynk & Co brand to enhance competitiveness.

Wallstreetcn

ZEEKR Intelligent Tech

ZEEKR Group's first financial report shows revenue exceeding 100 billion, with delivery volume increasing by 87.2% | Financial Report Insights