ZEEKR has announced strong Q2 2024 results for its electric vehicle (EV) business, demonstrating major growth and financial improvements despite ongoing challenges in the global automotive landscape. 

According to ZEEKR, it reported record-breaking deliveries of 54,811 EVs in Q2, marking a 100% year-over-year increase and a 66% rise from the previous quarter. This surge in deliveries translated to total revenues of 20.04 billion yuan ($2.76 billion), representing a 58.4% year-over-year growth.

ZEEKR’s EV sales revenue reached 13.44 billion yuan ($1.85 billion), up 59% from the same period last year and 64.4% from Q1 2024. The company’s gross margin also saw significant improvement, rising to 17.2% from 12.3% a year ago and 11.8% in Q1 2024.

While net losses increased year-over-year to 1.81 billion yuan, they decreased by 10.5% compared to Q1 2024. The company attributes this improvement to increased margins on batteries and other components, as well as procurement savings.

ZEEKR CEO Andy An expressed satisfaction with the results, stating, “In the second quarter of 2024, we substantially improved our financial and operational performance, despite facing numerous challenges and economic headwinds.”

As ZEEKR recently announced plans to enter the Japanese market in 2025 and has already established a presence in Europe and Mexico, the company also shared updates on its technological advancements. The company has been granted a Level 3 autonomous driving permit in Hangzhou, China, allowing it to test its SEA Intelligent Driving system on city highways and expressways without relying on HD maps.

Read More: ZEEKR Set to Enter Japanese EV Market in 2025 Amid its Expansion Plans

Also, ZEEKR aims to roll out its Navigation ZEEKR Pilot (NZP) by the end of 2024, followed by a more advanced NZP+ system in the second half of 2025. Furthermore, ZEEKR also announced plans for a hybrid flagship model in the second half of 2025 has raised eyebrows, given ZEEKR’s previous focus on purely electric vehicles.

With ZEEKR’s strong Q2 performance and ongoing expansion plans, the company is positioning itself as a noteworthy player in the global EV market. As the company is moving forward with its EV strategy, the competitiveness of the industry will be further intensified.

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