Zeekr Group reported a modest 1.1% year-over-year revenue increase for the first quarter of 2025, reaching 22.02 billion yuan ($3.03 billion). However, the figure reflects a 37.8% decline from Q4 2024.

Vehicle sales climbed 16.1% year-over-year to 19.1 billion yuan ($2.63 billion), even though they dropped 38.4% from the previous quarter. The company attributed the yearly growth to higher deliveries of new models, tempered by a lower average selling price due to adjustments in product mix and pricing strategy.

Zeekr’s vehicle margin rose to 16.5%, up from 13.1% in Q1 2024 and 14.3% in Q4 2024. Gross profit for the quarter came in at 4.21 billion yuan ($580 million), marking an 18.8% rise from a year ago but a 33.8% drop sequentially. The gross margin improved to 19.1% from 16.3% year-over-year.

Despite operational gains, Zeekr reported a net loss of 763 million yuan ($105 million) for the quarter. This represents a 60.2% improvement over Q1 2024, though it’s up 21.3% from the prior quarter. On a non-GAAP basis, excluding share-based compensation, the adjusted net loss stood at 640 million yuan ($88 million), down 66.5% from a year ago but up 18.5% from Q4.

Vehicle deliveries surged to 114,011 units in Q1 2025, a 21.1% increase from the same period last year. The Zeekr brand delivered 41,403 vehicles—a 25.2% rise—while Lynk & Co, acquired by Zeekr in February 2025, contributed 72,608 units, up 18.9% year-over-year. Notably, 52.4% of Lynk & Co’s deliveries were new energy vehicles (NEVs).

CEO Andy An highlighted the successful integration of Zeekr and Lynk & Co during the quarter, expanding the global user base to over 1.9 million. He noted that shared R&D and platform strategies have begun to enhance profitability.

“As we accelerate into our next growth phase, we will continue to redefine premium mobility through technology-driven experiences and luxury service,” An added.

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News Source: Finance.yahoo.com