Zeekr is targeting sales of 230,000 units in 2024 and will launch three new models to cover a wider market.
(Image credit: CnEVPost)
On the back of higher sales and higher gross profit, Zeekr seeks to turn profitable in 2024 on a Hong Kong financial reporting standard basis, Geely Automobile Holdings (HKG: 0175) said in an earnings report today.
Zeekr is targeting sales of 230,000 units this year, according to the report. That represents about 94 percent growth, considering it delivered 118,685 vehicles in 2023.
The brand will launch 3 new models in 2024 to enter more segments, according to the performance report.
The three new models will include the Zeekr Mix, an all-electric mid-size luxury SUV, and a top-of-the-line luxury all-electric MPV (Multi-Purpose Vehicle).
Zeekr's current models on sale include the Zeekr 001 shooting brake, Zeekr 007 sedan, Zeekr X SUV, and Zeekr 009 MPV.
Earlier this month, the Zeekr Mix entered a regulatory filing catalog with China's Ministry of Industry and Information Technology (MIIT), showcasing its core specifications.
Zeekr was formally incorporated as a standalone company in March 2021. On December 13, 2022, Geely said Zeekr filed a draft registration statement for a possible IPO with the US Securities and Exchange Commission on a confidential basis.
On November 9 of last year, Zeekr publicly filed an application to go public in the US. It planned to list on the New York Stock Exchange under the ticker symbol ZK.
Zeekr had revenues of RMB 6.528 billion ($910 million), RMB 31.9 billion and RMB 21.27 billion in 2021, 2022 and the first half of 2023, respectively, and net losses of RMB 4.514 billion, RMB 7.655 billion and RMB 3.871 billion, respectively, according to its updated prospectus dated November 24, 2023.
It has gross margins of 15.9 percent and 7.7 percent in 2021 and 2022, respectively. In the first half of 2023, it was 10.5 percent, up from 9.7 percent in the same period last year.
($1 = RMB 7.1984)
