ZEEKR Intelligent Technology (ZK) Q4 2024 TU earnings summary

Executive summary

• 2024 sales reached 2.176 million units, exceeding the target by 9% and growing 32% year-over-year, with strong performance in both ICE and NEV segments domestically and overseas.

• NEV sales surged 92% to 888,000 units, with NEV market share at 49%, above the industry average.

• Inventory levels hit historic lows, and profitability showed recovery, especially with NEV segment reaching break-even in Q3 2024.

• 2025 sales volume target set at 2.71 million units, a 25% increase, with NEV sales targeted at 1.5 million units (up 69%).

• ZEEKR achieved 222,123 total vehicle deliveries in 2024, up 87% year-over-year, with cumulative deliveries since October 2021 reaching 418,756.

Financial highlights

• 2024 sales: 2.176 million units (up 32% YoY), NEV sales: 888,000 (up 92%), ICE sales: 1.2 million (outperforming an 18% industry decline).

• Overseas sales up 53%, with export share rising from 16% to 19%.

• Zeekr sales: 222,000 (up 87%), Lynk & Co: 280,000 (NEV penetration 60%), Galaxy: 494,000 (up 80%).

• Q3 2024 marked NEV segment break-even, with overall profitability recovering.

Outlook and guidance

• 2025 sales target: 2.71 million units (+25% YoY), with NEV sales at 1.5 million (+69%).

• Zeekr targets 320,000 vehicle deliveries for 2025.

• Geely: 2 million units (+20%), Zeekr: 320,000 (+44%), Lynk & Co: 390,000 (+37%).

• Export target: 460,000 units (+15.8%).

• NEV penetration expected to rise by 15% in 2025.