Zeekr Technology Group Reports Stellar Financial Performance with Annual Revenue Surpassing CNY 113.89 Billion, Up 39% Year-on-Year
Zeekr Technology Group (NYSE: ZK), a leading innovator in the global electric vehicle (EV) sector, has announced its fourth-quarter and full-year financial results for the period ending December 31, 2024. The company also disclosed a simulated consolidated financial statement for its Zeekr and Lynk & Co brands, showcasing a year of robust growth and strategic milestones.
In 2024, Zeekr Technology Group achieved total revenue of CNY 113.89 billion, marking a 39% increase compared to the previous year. The automotive segment contributed significantly to this growth, with vehicle sales revenue reaching CNY 94.56 billion, up 48% year-on-year. This financial success was driven by accelerated delivery volumes across both brands, with combined annual sales exceeding 500,000 units.
The Zeekr brand solidified its position as a leader in China’s premium pure-electric vehicle market, delivering over 220,000 units in 2024—an 87% surge from the prior year. This performance not only secured its status as China’s top-selling luxury EV brand but also highlighted its rapid scalability in a competitive landscape. Meanwhile, Lynk & Co, the group’s established automotive marque, achieved record-breaking annual sales of more than 280,000 units, a 30% increase year-on-year, underscoring its resilience and appeal in both domestic and international markets.
Financial Highlights and Operational Efficiency
Zeekr’s standalone financial performance further demonstrated its operational strength. The brand reported annual operating revenue of CNY 75.9 billion, up 47% from 2023, with vehicle gross margin improving sequentially throughout the year. By the fourth quarter, vehicle gross margin reached 17.3%, culminating in a full-year figure of 15.6%. Under Hong Kong Financial Reporting Standards (HKFRS), and excluding share-based compensation expenses, Zeekr achieved a net profit of CNY 214 million for 2024. This milestone positions Zeekr as one of the fastest-growing EV companies to reach profitability following its listing on the New York Stock Exchange.
The group attributed its margin expansion to advancements in manufacturing efficiency, cost optimization across supply chains, and economies of scale. Enhanced production capabilities at Zeekr’s state-of-the-art facilities in Ningbo and Hangzhou have enabled the brand to meet rising demand while maintaining stringent quality standards. Additionally, strategic investments in battery technology and platform development have reduced production costs, further bolstering profitability.
Technological Innovation and Product Development
Zeekr’s success is underpinned by its commitment to cutting-edge technology and customer-centric innovation. The brand’s Sustainable Experience Architecture (SEA) platform, a modular electric vehicle architecture developed in partnership with Volvo Cars and Geely Holding, has been instrumental in accelerating product launches. In 2024, Zeekr expanded its portfolio with the introduction of two new models: the Zeekr X, a compact SUV designed for urban mobility, and the Zeekr 009, a luxury multi-purpose vehicle (MPV) targeting premium family and commercial users. Both vehicles have received acclaim for their design, performance, and advanced driver-assistance systems (ADAS).
Lynk & Co, leveraging its hybrid and plug-in hybrid expertise, continued to bridge the gap between traditional internal combustion engine vehicles and full electrification. The brand’s 08 EM-P model, a mid-size SUV featuring extended-range electric technology, emerged as a bestseller in Europe and Asia, reflecting growing consumer appetite for versatile, eco-conscious vehicles.
Global Expansion and Infrastructure Investments
Zeekr Technology Group has aggressively pursued international growth, with Lynk & Co now available in over 30 markets across Europe, the Middle East, and Asia-Pacific. The brand’s subscription-based ownership model, which offers flexible leasing and maintenance packages, has resonated particularly well with younger, urban demographics. In 2024, Lynk & Co expanded its retail footprint with 50 new “Club” stores in key cities, including Berlin, Stockholm, and Dubai, integrating digital showrooms with community-driven experiences.
For Zeekr, global ambitions are centered on establishing a stronghold in Europe’s premium EV segment. The brand entered six new European markets in 2024, including Germany, France, and the Netherlands, supported by partnerships with local charging networks to ensure seamless accessibility for customers. Zeekr also inaugurated its first overseas R&D center in Gothenburg, Sweden, focusing on autonomous driving software and battery thermal management systems tailored to colder climates.
Sustainability Commitments and Industry Leadership
Both brands have aligned their strategies with global sustainability goals. Zeekr achieved carbon neutrality across its manufacturing operations in 2024, utilizing renewable energy and closed-loop recycling systems. The company’s next-generation Qilin battery, unveiled in late 2024, promises higher energy density and faster charging times while incorporating recycled materials.
Lynk & Co, meanwhile, has committed to electrifying its entire lineup by 2025, with plans to launch three fully electric models by the end of 2026. The brand’s participation in the Science Based Targets initiative (SBTi) underscores its dedication to reducing emissions throughout its value chain.
Strategic Partnerships and Supply Chain Resilience
Zeekr Technology Group’s vertically integrated supply chain has been critical to navigating industry-wide challenges, including semiconductor shortages and fluctuating raw material costs. The group’s joint venture with CATL, the world’s largest battery manufacturer, ensures stable access to lithium-ion cells, while collaborations with NVIDIA and Mobileye have advanced its autonomous driving capabilities.
In December 2024, Zeekr announced a strategic alliance with a leading European energy provider to develop ultra-fast charging hubs along major highway corridors. These stations, capable of delivering up to 350 kW, will complement Zeekr’s 800-volt electrical architecture, enabling vehicles to recharge from 10% to 80% in under 18 minutes.
Outlook for 2025 and Beyond
Looking ahead, Zeekr Technology Group aims to sustain its growth trajectory by capitalizing on evolving consumer preferences and regulatory tailwinds. The company plans to launch four new Zeekr models by 2026, including a flagship sedan and a crossover targeting the mass market. Lynk & Co will introduce its first dedicated electric vehicle, the Lynk & Co 07, in early 2025, featuring a next-generation hybrid powertrain.
With a projected annual production capacity of 1.2 million vehicles by 2026, Zeekr Technology Group is poised to reinforce its leadership in the global transition to electric mobility. The group’s focus on innovation, sustainability, and customer experience will remain central to its mission of shaping the future of transportation.
Closing Remarks
Zeekr Technology Group’s 2024 financial results reflect not only its operational excellence but also its visionary approach to an industry in flux. By harmonizing premium branding with technological prowess, the company has carved a distinct niche in the automotive sector. As governments worldwide accelerate policies to phase out fossil-fuel vehicles, Zeekr and Lynk & Co are strategically positioned to lead the charge toward a cleaner, smarter, and more connected automotive era. Investors and industry stakeholders will undoubtedly monitor the group’s progress as it continues to redefine mobility on a global scale.
