Zeekr lost RMB 3.87 billion in the first half of this year, up 25.24 percent year-on-year. Its gross margin in the first half of the year was 10.5 percent, up from 9.7 percent in the same period last year.
(Image credit: CnEVPost)
Zeekr Intelligent Technology Holding Limited has formally filed to go public in New York, set to become the fourth new Chinese carmaker to list in the US after Nio (NYSE: NIO), Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI).
The premium electric vehicle (EV) subsidiary of Geely Holding Group plans to go public on the New York Stock Exchange under the ticker symbol ZK, according to a prospectus posted overnight on the US Securities and Exchange Commission’s website.
Zeekr was formally founded in March 2021 and delivered 6,007 vehicles in 2021 and 71,941 in 2022, respectively. As of the end of October, Zeekr had delivered 92,105 vehicles so far this year.
The company’s revenue for 2020 to 2022 was RMB 3.185 billion ($437 million), RMB 6.528 billion, and RMB 31.9 billion, respectively, its prospectus shows.
Zeekr’s revenue for the first half of this year was RMB 21.27 billion, up 136.07 percent from RMB 9.01 billion in the same period last year.
It has gross margins of 15.9 percent and 7.7 percent in 2021 and 2022, respectively. In the first half of the year, the figure was 10.5 percent, higher versus 9.7 percent in the same period last year.
Zeekr’s revenue from vehicle sales in 2021 and 2022 was RMB 1.54 billion and RMB 19.67 billion, respectively, with vehicle margins of 1.8 percent and 4.7 percent, respectively.
In the first half of this year, Zeekr’s revenue from vehicle sales was RMB13.18 billion, with a vehicle gross margin of 12.3 percent. In the same period last year, the figures were RMB5.3 billion and 4.7 percent, respectively.
Zeekr has been in the red since its inception, posting losses of RMB 4.51 billion and RMB 7.65 billion in 2021 and 2022, respectively.
The company lost RMB 3.87 billion in the first half of this year, up 25.24 percent from RMB 3.09 billion in the same period last year.
Zeekr spent RMB 3.19 billion on research and development in the first half of this year, up 56.09 percent year-on-year. Its cumulative R&D expenses for the first half of 2021 to 2023 amounted to RMB 11.8 billion.
Li Shufu, or Eric Li, founder and chairman of Zhejiang Geely Holding, is the chairman of Zeekr. An Conghui, or Andy An, is the co-founder and CEO of Zeekr. The company has two other co-founders, Li Donghui, Gui Shengyue.
Geely Auto currently owns 54.7 percent of Zeekr, Geely International (Hong Kong) Limited owns 13.2 percent, and GHGK Innovation Limited owns 9.8 percent.
Geely Auto refers to Geely Automobile Holdings Limited, a company incorporated in the Cayman Islands with limited liability controlled by Geely Holding and listed on the Hong Kong Stock Exchange under stock code 0175.
($1 = RMB 7.2913)
Zeekr delivers record 13,077 vehicles in Oct, up 8.5% from Sept
