Latest news with #Lynk&Co
Yahoo
4 days ago
- Automotive
- Yahoo
Lynk & Co turns to PHEV with 200 km electric-only range in bid to end sales slump
GOTHENBURG, Sweden — Geely subsidiary Lynk & Co is looking to reverse a steep sales slump in Europe with the addition of the 08, a midsize SUV that can drive 200 km (124 miles) in electric-only mode. Lynk & Co's sales of its two-model lineup, the 01 compact SUV and 02 compact hatchback, through April were down 33 percent to 1,653, according to figures from market researcher Dataforce. The plug-in hybrid electric vehicle will be aimed at car buyers reluctant to switch to full electric. 'For plug-in hybrid customers, we think the long electric range will stand out as a clear upgrade,' Lynk & Co CEO Nicolas Lopez Appelgren told Automotive News Europe during a driving event for the 08 here May 13. 'EV drivers, on the other hand, may see it as a more practical option given the current state of charging infrastructure. And for high-end petrol buyers, the similar price point could make switching to a plug-in hybrid an easy decision.' Until recently, the electric-only range on most PHEVs was less than 100 km — and in many cases only about 50 to 60 km. Several automakers debuted long-range PHEVs with bigger batteries — the 08's pack is 39.6 kilowatt-hours — toward the end of 2024 ahead of a Jan. 1 deadline that increased emissions ratings for the technology to better reflect real-world use. At the same time, some Chinese brands launched PHEVs in Europe, notably BYD, to avoid EU tariffs on battery-electric vehicles made in China. PHEV sales were up 32 percent in April, according to Dataforce. The bestselling model last month was the BYD Seal U, followed closely by the Volkswagen Tiguan and Volvo XC60. Sign up for the Automotive News Europe Focus on Electrification newsletter, a weekly wrap-up of the latest electric vehicle news, including interviews and global EV sales data. Lynk & Co also will avoid the higher tariff on the China-made 08. The midsize SUV enters a part of the segment that has seen huge growth this year, with overall sales of models with PHEV powertrains up more than 200 percent to 51,823 after four months. Seven of the 10 top-selling PHEV midsize SUV are new to the niche. Another limiting factor for PHEVs was the time it took to replenish the batteries, often several hours using AC charging. PHEVs with longer ranges offer DC fast charging, which for the 08 means it's possible to boost the batteries to 80 percent from 10 percent in about 30 minutes at 85 kilowatts. Using AC charging at 11 kW means charging to 100 percent take four and a half hours. The 08 offers a combined 345 hp of power from its four-cylinder gasoline engine and electric motor. The 08's cockpit is dominated by an iPad-like touchscreen in the center of the dashboard, below which is an inductive pad to provide wireless charging for up to two smartphones. Built-in car sharing, integrated Wi-Fi, a specially designed Harman Kardon sound system, and advanced driver-assistance features — from park assist sensors to driver monitoring — are included. Customizable 'modes' are also available. They include a 'relax mode,' with soothing music and sunshades, and a 'pet mode' that turns on the climate control system and displays a message informing passersby that the pet is safe from freezing or overheating and that the owner is aware it is inside the vehicle. The 08 comes in two trims, Core and More, with the More package offering larger wheels, heated rear seats and an upgraded Harmon Kardon sound system. Target buyers: Range-anxious families What's good: Having an electric-only range of 200 km What's bad: Constant warnings from the driver-assistance systems that are likely to force more people to turn them off Launch date: June 2025 Starting price: €55,995 in Germany ($63,500) Platform: CMA Evo Built: Yuyao, China Annual production forecast: 6,000 in 2025, 12,000 in 2026 Lowest CO2 emissions: 23 g/km
Qatar Tribune
7 days ago
- Automotive
- Qatar Tribune
The all-new Lynk & Co 06: A stylish B-segment SUV
Tribune News Network Doha Auto Class Cars, the authorized general distributor of Lynk & Co in Qatar, has revealed the all-new Lynk & Co 06 in Qatar. The Lynk & Co 06 is a stylish and high-quality B-segment SUV, providing consumers with an enhanced and futuristic mobility solution. The Lynk & Co 06 and a wide range of the brand's models are available at Auto Class Cars, the authorized general distributor of Lynk & Co in Qatar, in its showroom on Salwa Road in Doha. Exterior Leveraging its global design and manufacturing advantages, Lynk & Co 06 merges advanced technology with superior quality and refined styling. Its fashionable exterior embodies urban aesthetics, while its dynamic performance ensures an outstanding driving experience. Lynk & Co 06 distinguishes itself through its 'Mega-city Contrast' design philosophy, capturing the spirit of urban exploration and the boundless possibilities of city life. Among the range of color options offered for Lynk & Co 06 in Qatar, the striking hues of Sonic Green and Pastel Lilac are crafted to enchant local community and to provide differentiated highlights on roads. The front grille, inspired by urban skylines, harmonizes with the energy cube taillights, which draw inspiration from city lights reflecting on water. Dynamic Interior With the all-new Lynk & Co 06, you immerse yourself in a youthful and refined interior, designed to deliver a striking visual impact on every drive. Thanks to the B-pillar coat hook, you can easily hang jackets, bags for added comfort and cabin tidiness. The car is equipped with Power-Adjustable Leather Seats featuring 6-way electric adjustment, 4-way lumbar support, and a 4-way passenger power adjustment for ultimate driver and passenger satisfaction, offering exceptional support, and elevating your driving experience. Via the 12.3-inch central display, the driver and passengers enjoy vibrant and accurate colors with a wide color gamut display, enhancing your infotainment experience. The 06's Antibacterial steering wheel features antimicrobial nano-silver for lasting sterilization. With 72 customizable colors, the ambient lighting system adapts to your driving modes and speed, creating an ever-changing atmosphere that matches your mood. Performance Lynk & Co 06 presents sporty performance, remarkable capabilities, and outstanding handling. It is equipped with a robust powertrain B Plus 1.5TD engine delivering a maximum of 181 Ps horsepower and 290 N·m of torque. The chassis system incorporates an advanced four-wheel independent suspension, with a MacPherson strut at the front and a multi-link axle at the rear, enhancing both smoothness and agility. Additionally, Lynk & Co 06 achieves a braking distance of just 36.2 meters at 100 km/h, ensuring a safe and worry-free driving experience. As the urban-functional SUV within the Lynk & Co product lineup, Lynk & Co 06 has already received widespread acclaim in different markets. The launch in Qatar underscored the significant interest and anticipation for this modern high-end international brand in the GCC market. Moving forward, Lynk & Co will continue to further provide extraordinary mobility solutions to more global consumers, enriching urban living with technological sophistication. Lynk & Co, born in 2016, has achieved remarkable growth and progress in record time, establishing itself as a premium brand poised to reshape the automotive sector. It's not just another car manufacturer but a brand that continually challenges the boundaries of innovation. The company carries the European genetics of car manufacturing. The values of the company are to present luxury efficient powertrains with European technology. It is the perfect combination of high performance, luxury, and safety. Lynk & Co was created for urbanites who share a spirit of openness, bringing together elements from both Eastern and Western automotive cultures. Lynk & Co stands out as a beacon of innovation, meeting the demands of a new generation of drivers and empowering them to embrace a quality-driven lifestyle.
Yahoo
15-05-2025
- Automotive
- Yahoo
Zeekr Group Reports First Quarter 2025 Unaudited Financial Results
HANGZHOU, China, May 15, 2025 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK), the world's leading premium new energy vehicle group, today announced its unaudited financial results for the first quarter ended March 31, 2025[1]. Operating Highlights for the First Quarter of 2025 Total vehicle deliveries were 114,011 units for the first quarter of 2025, representing a 21.1% year-over-year increase. The Zeekr brand delivered 41,403 vehicles, an increase of 25.2% year-over-year. Meanwhile, the Lynk & Co brand delivered 72,608 vehicles, recording growth of 18.9% year-over-year, with 52.4% of deliveries coming from NEV models. Deliveries2025 Q12024 Q42024 Q32024 Q2 114,011169,088124,606119,755Deliveries2024 Q12023 Q42023 Q32023 Q2 94,115120,11494,15172,276 Financial Highlights for the First Quarter of 2025 Vehicle sales were RMB19,096 million (US$2,631 million)[2] for the first quarter of 2025, representing an increase of 16.1% from the first quarter of 2024 and a decrease of 38.4% from the fourth quarter of 2024. Vehicle margin[3] was 16.5% for the first quarter of 2025, compared with 13.1% for the first quarter of 2024 and 14.3% for the fourth quarter of 2024. Total revenues were RMB22,019 million (US$3,034 million) for the first quarter of 2025, representing an increase of 1.1% from the first quarter of 2024 and a decrease of 37.8% from the fourth quarter of 2024. Gross profit was RMB4,213 million (US$580 million) for the first quarter of 2025, representing an increase of 18.8% from the first quarter of 2024 and a decrease of 33.8% from the fourth quarter of 2024. Gross margin was 19.1% for the first quarter of 2025, compared with 16.3% for the first quarter of 2024 and 18.0% for the fourth quarter of 2024. Loss from operations was RMB1,259 million (US$174 million) for the first quarter of 2025, representing a decrease of 25.7% from the first quarter of 2024 and an increase of 16.3% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[4] was RMB1,136 million (US$157 million) for the first quarter of 2025, representing a decrease of 32.8% from the first quarter of 2024 and an increase of 14.3% from the fourth quarter of 2024. Net loss was RMB763 million (US$105 million) for the first quarter of 2025, representing a decrease of 60.2% from the first quarter of 2024 and an increase of 21.3% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB640 million (US$88 million) for the first quarter of 2025, representing a decrease of 66.5% from the first quarter of 2024 and an increase of 18.5% from the fourth quarter of 2024. [1] All disclosed data (including historical periods) are recast to reflect common-control accounting treatment related to Lynk & Co's acquisition. [2] All conversions from Renminbi("RMB") to U.S. dollars ("US$") are made at an exchange rate of RMB7.2567 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. [3] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only. [4] The Company's non-GAAP financial measures exclude share-based compensation expenses. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. Key Financial Results for the First Quarter of 2025 (in RMB millions, except for percentages)2025 Q1 2024 Q4 2024 Q1 % Change i YoY QoQ Vehicle sales 19,096 31,015 16,450 16.1 % (38.4) % - Zeekr 9,987 19,302 8,174 22.2 % (48.3) % - Lynk & Co 9,109 11,713 8,276 10.1 % (22.2) % Vehicle margin 16.5 % 14.3 % 13.1 % 3.4pts 2.2pts - Zeekr 21.2 % 17.3 % 14.4 % 6.8pts 3.9pts - Lynk & Co 11.4 % 9.3 % 11.8 % (0.4)pts 2.1pts Total revenues 22,019 35,377 21,781 1.1 % (37.8) % Gross profit 4,213 6,365 3,545 18.8 % (33.8) % Gross margin 19.1 % 18.0 % 16.3 % 2.8pts 1.1pts Loss from operations (1,259) (1,083) (1,694) (25.7) % 16.3 % Non-GAAP loss from operations (1,136) (994) (1,691) (32.8) % 14.3 % Net loss (763) (629) (1,915) (60.2) % 21.3 % Non-GAAP net loss (640) (540) (1,912) (66.5) % 18.5 % i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. Recent Developments Delivery Update In April, Zeekr Group delivered a total of 41,316 vehicles across its Zeekr and Lynk & Co brands, marking a 1.5% increase compared to the previous month. This achievement was made possible by the trust and support of over 1.9 million users. Specifically, the Zeekr brand delivered 13,727 vehicles, while Lynk & Co brand delivered 27,589 vehicles. New Model Launches The Zeekr 7GT, the brand's second shooting brake, was launched in China on April 15, 2025. Equipped with advanced silicon carbide-powered e-motors, the vehicle achieves 0-100 km/h acceleration in merely 2.95 seconds under rolling start conditions. Exceptional performance and world-class safety features position the Zeekr 7GT for a strong showing in global markets. Zeekr Group also unveiled its flagship luxury SUV, the Zeekr 9X, at the Shanghai Auto Show. As the first hybrid model under the Zeekr brand, the Zeekr 9X sets new benchmarks in design, performance, and electrification, marking a major leap forward for the brand. This groundbreaking model is slated for a global launch in the third quarter of 2025. On April 28, the Lynk & Co brand commenced deliveries of the Lynk & Co 900, a large six-seater family SUV. Built on the powerful SPA Evo platform, the top-tier variant is equipped with the G-Pilot H7 package, featuring NVIDIA's DRIVE AGX Thor computing platform with an industry-leading 700 TOPS of processing power. With its expansive interior, cutting-edge technology, and thrilling performance, the model has already garnered over 40,000 pre-orders since its debut in December. CEO and CFO Comments "We achieved a major milestone during the first quarter with the full integration of Zeekr and Lynk & Co, which expanded our global user base to over 1.9 million," said Mr. Andy An, Zeekr Group's Chief Executive Officer. "The two brands' initial technological consolidation has already boosted profitability through optimized R&D and shared platforms. As we accelerate into our next growth phase, we will continue to redefine premium mobility through technology-driven experiences and luxury service, strengthening our position as the world's leading premium new energy vehicle group." Mr. Jing Yuan, Zeekr Group's Chief Financial Officer, added, "In the first quarter of 2025, enhanced platform synergies and disciplined supply chain management drove record profitability, with our overall vehicle margin reaching 16.5% and the Zeekr brand's margin rising to an unprecedented 21.2%. Looking ahead, we will remain laser-focused on deepening resource integration and unlocking greater synergistic value to deliver enhanced returns for our shareholders and build enduring value." Financial Results for the First Quarter of 2025 Revenues Total revenues were RMB22,019 million (US$3,034 million) for the first quarter of 2025, representing an increase of 1.1% from RMB21,781 million for the first quarter of 2024 and a decrease of 37.8% from RMB35,377 million for the fourth quarter of 2024. Revenues from vehicle sales were RMB19,096 million (US$2,631 million) for the first quarter of 2025, representing an increase of 16.1% from RMB16,450 million for the first quarter of 2024, and a decrease of 38.4% from RMB31,015 million for the fourth quarter of 2024. The year-over-year increase was attributable to the increase in new model delivery volume, partially offset by the lower average selling price due to changes in product mix and pricing strategy between the two quarters. The quarter-over-quarter decrease was mainly attributable to a decrease in delivery volume, which was affected by seasonal factors. Revenues from other sales and services were RMB2,923 million (US$403 million) for the first quarter of 2025, representing a decrease of 45.2% from RMB5,331 million for the first quarter of 2024 and a decrease of 33.0% from RMB4,362 million for the fourth quarter of 2024. The year-over-year decrease was mainly due to the decreased sales volume and unit price of battery packs and electric drives. The quarter-over-quarter decrease was mainly due to a decrease in sales of R&D services to our related parties and reduced OEM production volumes at Lynk & Co's manufacturing facilities in the first quarter of 2025. Cost of Revenues and Gross Margin Cost of revenues was RMB17,806 million (US$2,454 million) for the first quarter of 2025, representing a decrease of 2.4% from RMB18,236 million for the first quarter of 2024 and a decrease of 38.6% from RMB29,012 million for the fourth quarter of 2024. The slight year-over-year decrease was primarily attributable to the ongoing vehicle cost-saving initiatives, partially offset by increased vehicle deliveries, as well as reductions stemming from lower sales of battery packs and other components. The quarter-over-quarter decrease was mainly due to the reduced vehicle delivery volume combined with sustained vehicle cost-saving initiatives. Gross profit was RMB4,213 million (US$580 million) for the first quarter of 2025, representing an increase of 18.8% from RMB3,545 million for the first quarter of 2024 and a decrease of 33.8% from RMB6,365 million for the fourth quarter of 2024. Gross margin was 19.1% for the first quarter of 2025, compared with 16.3% for the first quarter of 2024 and 18.0% for the fourth quarter of 2024. Vehicle margin was 16.5% for the first quarter of 2025, compared with 13.1% for the first quarter of 2024 and 14.3% for the fourth quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributed to sustained cost-saving initiatives, partly offset by the lower average selling price of vehicles. Operating Expenses Research and development expenses were RMB2,908 million (US$401 million) for the first quarter of 2025, representing an increase of 25.0% from RMB2,326 million for the first quarter of 2024 and a decrease of 25.6% from RMB3,910 million for the fourth quarter of 2024. The year-over-year increase was mainly attributable to incremental costs associated with the development of our new vehicle platform. The quarter-over-quarter decrease was mainly driven by accelerated progressing of R&D projects in Q4 2024 to align with the 2025 product launch timelines. Selling, general and administrative expenses were RMB2,645 million (US$364 million) for the first quarter of 2025, representing a decrease of 9.2% from RMB2,913 million for the first quarter of 2024 and a decrease of 35.8% from RMB4,123 million for the fourth quarter of 2024. The year-over-year and quarter-over-quarter decreases were mainly attributable to higher marketing and advertising expenses to support new vehicle model launches in Q1 2024 and Q4 2024, as well as stringent cost discipline implemented under the Company's 2025 efficiency enhancement program. Loss from Operations Loss from operations was RMB1,259 million (US$174 million) for the first quarter of 2025, representing a decrease of 25.7% from RMB1,694 million for the first quarter of 2024 and an increase of 16.3% from RMB1,083 million for the fourth quarter of 2024. Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB1,136 million (US$157 million) for the first quarter of 2025, representing a decrease of 32.8% from RMB1,691 million for the first quarter of 2024 and an increase of 14.3% from RMB994 million for the fourth quarter of 2024. Net Loss and Net Loss Per Share Net loss was RMB763 million (US$105 million) for the first quarter of 2025, representing a decrease of 60.2% from RMB1,915 million for the first quarter of 2024 and an increase of 21.3% from RMB629 million for the fourth quarter of 2024. Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB640 million (US$88 million) for the first quarter of 2025, representing a decrease of 66.5% from RMB1,912 million for the first quarter of 2024 and an increase of 18.5% from RMB540 million for the fourth quarter of 2024. Net loss attributable to ordinary shareholders of Zeekr Group was RMB718 million (US$99 million) for the first quarter of 2025, representing a decrease of 63.8% from RMB1,982 million for the first quarter of 2024 and a decrease of 18.1% from RMB877 million for the fourth quarter of 2024. Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB595 million (US$82 million) for the first quarter of 2025, representing a decrease of 69.9% from RMB1,979 million for the first quarter of 2024 and a decrease of 24.5% from RMB788 million for the fourth quarter of 2024. Basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.28 (US$0.04) for the first quarter of 2025, compared with RMB0.99 each for the first quarter of 2024 and RMB0.34 each for the fourth quarter of 2024. Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.23 (US$0.03) for the first quarter of 2025, compared with RMB0.99 each for the first quarter of 2024 and RMB0.31 each for the fourth quarter of 2024. Basic and diluted net loss per American Depositary Share ("ADS[5]") attributed to ordinary shareholders were both RMB2.81 (US$0.39) for the first quarter of 2025, compared with RMB3.44 each for the fourth quarter of 2024. Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were both RMB2.33 (US$0.32) for the first quarter of 2025, compared with RMB3.09 each for the fourth quarter of 2024. [5] Each ADS represents ten ordinary shares. Balance Sheets Cash and cash equivalents and restricted cash was RMB9,898 million (US$1,364 million) as of March 31, 2025. Conference Call The Company's management will host an earnings conference call on Thursday, May 15, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day). All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time. Participant Online Registration: A live webcast of the conference call will be available on the Company's investor relations website at About Zeekr Group Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider. For more information, please visit Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China:ZEEKR Intelligent Technology Holding LimitedInvestor RelationsEmail: ir@ Piacente Financial CommunicationsTel: +86-10-6508-0677Email: Zeekr@ In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: Zeekr@ Media Contact Email: Globalcomms@ ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in million)As ofDecember 31March 31March 31202420252025RMBRMBUS$ ASSETSCurrent assets:Cash and cash equivalents 9,8977,4961,033 Restricted cash 1,4912,402331 Notes receivable 12,2685,370740 Accounts receivable 2,3442,447337 Inventories 10,38810,2551,413 Amounts due from related parties 9,8219,7371,342 Prepayments and other current assets 4,6546,319871 Total current assets 50,86344,0266,067 Property, plant and equipment, net 10,98410,6531,468 Intangible assets, net 1,3461,380190 Land use rights, net 50650369 Operating lease right-of-use assets 3,0082,852393 Deferred tax assets 34034948 Long-term investments 688816112 Other non-current assets 47753274 Total non-current assets 17,34917,0852,354 TOTAL ASSETS 68,21261,1118,421 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in million)As ofDecember 31March 31March 31202420252025RMBRMBUS$ LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term borrowings 1,3539,4261,299 Accounts payable 15,89915,3522,116 Notes payable and others 23,39118,4682,545 Amounts due to related parties 19,09917,9342,471 Income tax payable 9816222 Accruals and other current liabilities 15,45513,0841,803 Total current liabilities 75,29574,42610,256 Long-term borrowings 2,7276,553903 Operating lease liabilities, non-current 2,1372,333321 Other non-current liabilities 2,1912,712374 Deferred tax liability 57588 Total non-current liabilities 7,11211,6561,606 TOTAL LIABILITIES 82,40786,08211,862 SHAREHOLDERS' EQUITYOrdinary shares 33- Paid-in capital in combined companies 7,669-- Additional paid-in capital 15,76310,5131,450 Treasury Stock (187)(187)(26) Accumulated deficits (38,894)(33,953)(4,679) Accumulated other comprehensive income (142)(41)(6) Total Zeekr Group shareholders' deficit (15,788)(23,665)(3,261) Non-controlling interest 1,593(1,306)(180) TOTAL SHAREHOLDERS' DEFICIT (14,195)(24,971)(3,441) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 68,21261,1118,421 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in million, except share/ADS and per share/ADS data and otherwise noted)Three Months EndedMarch 31December 31March 31March 312024202420252025RMBRMBRMBUS$ Revenues:Vehicle sales 16,45031,01519,0962,631 Other sales and services 5,3314,3622,923403 Total revenues 21,78135,37722,0193,034 Cost of revenues:Vehicle sales (14,297)(26,583)(15,948)(2,198) Other sales and services (3,939)(2,429)(1,858)(256) Total cost of revenues (18,236)(29,012)(17,806)(2,454) Gross profit 3,5456,3654,213580 Operating expenses:Research and development expenses (2,326)(3,910)(2,908)(401) Selling, general and administrative expenses (2,913)(4,123)(2,645)(364) Other operating income, net 05858111 Total operating expenses (5,239)(7,448)(5,472)(754) Loss from operations (1,694)(1,083)(1,259)(174) Interest expense (148)(187)(116)(16) Interest income 78159456 Investment income 072700 Other income/(expense), net (140)(189)59382 Loss before income tax expense and share of losses in equity method investments (1,904)(573)(737)(102) Share of income/(loss) in equity method investments 91(134)12818 Income tax benefit/(expense) (102)78(154)(21) Net loss (1,915)(629)(763)(105) Less: income/(loss) attributable to non- controlling interest 67248(45)(6) Net loss attributable to shareholders of Zeekr Group (1,982)(877)(718)(99) ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in million, except share/ADS and per share/ADS data and otherwise noted) Three Months EndedMarch 31December 31March 31March 312024202420252025RMBRMBRMBUS$ Net loss per share attributed to ordinary shareholders:Basic and diluted (0.99)(0.34)(0.28)(0.04) Weighted average shares used in calculating net loss per share:Basic and diluted 2,000,000,0002,552,901,6682,552,901,6682,552,901,668 Net loss per ADS attributed to ordinary shareholders:Basic and diluted -(3.44)(2.81)(0.39) Weighted average ADS used in calculating net loss per ADS:Basic and diluted -255,290,167255,290,167255,290,167 Net loss (1,915)(629)(763)(105) Other comprehensive income/(loss), net of tax of nil:Foreign currency translation adjustments 138(41)193 Comprehensive loss (1,777)(670)(744)(102) Less: comprehensive income/(loss) attributable to non-controlling interest 156226(68)(9) Comprehensive loss attributable to shareholders of Zeekr Group (1,933)(896)(676)(93) ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in million, except share/ADS and per share/ADS data and otherwise noted)Three Months EndedMarch 31December 31March 31March 312024202420252025RMBRMBRMBUS$ Loss from operations (1,694)(1,083)(1,259)(174) Share-based compensation expenses 38912317 Non-GAAP loss from operations (1,691)(994)(1,136)(157) Net loss (1,915)(629)(763)(105) Share-based compensation expenses 38912317 Non-GAAP net loss (1,912)(540)(640)(88) Net loss attributable to ordinary shareholders (1,982)(877)(718)(99) Share-based compensation expenses 38912317 Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group (1,979)(788)(595)(82) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per shareBasic and diluted 2,000,000,0002,552,901,6682,552,901,6682,552,901,668 Non-GAAP net loss per ordinary share attributed to ordinary shareholdersBasic and diluted (0.99)(0.31)(0.23)(0.03) Weighted average number of ADS used in calculating Non-GAAP net loss per ADSBasic and diluted -255,290,167255,290,167255,290,167 Non-GAAP net loss per ADS attributed to ordinary shareholdersBasic and diluted -(3.09)(2.33)(0.32) View original content: SOURCE ZEEKR Intelligent Technology Holding Limited
Yahoo
04-05-2025
- Automotive
- Yahoo
Hybrid SUV with 840-mile range launched in China, features twin electric motors
China's Geely and Zeekr-owned Swedish automaker Lynk & Co has unveiled its flagship plug-in hybrid SUV, dubbed Lynk & Co 900, featuring a massive 30-inch 6K screen and second row seats that can rotate 180 degrees. The launch of the SUV marks a departure from Lynk & Co's established custom of naming models 01, 02 and so on, with the last vehicle in the lineup christened Lynk & Co 09. The newest SUV is available for purchase in China and comes with a starting price tag of $42,520 or 309,900 yuan. Originally founded as a joint brand between Geely and Volvo, Lynk & Co came under the majority ownership of Geely's Zeekr Intelligent Technology Holding in February 2025 and now offers a wide range of models in the Chinese market. Launched to compete with Aito M9, the Li Auto L9, and the Denza N9 in China's domestic market, the 900 has six seats placed to mimic a living room set up where passengers can face each other. While the middle row seats can turn around completely, the third row can be moved forward or backward by 125 mm. The Lynk & Co 900 is a large SUV measuring 5240 mm in length, 1999 mm in width, and 1800 mm in height, with a wheelbase of 3160 mm. Despite its size, it maintains a relatively low drag coefficient of 0.291 Cd, better than the Li Auto L9's 0.300 Cd. It has a ground clearance of 194 mm and offers R20 or R21 wheels. The mid-trim version features 4-piston brake calipers, and a dual-chamber air suspension adds to its driving comfort. The base model of the Lynk & Co 900 uses the G-Pilot H5 system, powered by two Nvidia Drive Orin-X chips. Higher trims upgrade to the G-Pilot H7 system, which runs on a single Nvidia Drive Thor chip. The vehicle supports Navigate on Autopilot (NOA) for both highway and city driving, CarNewsChina reports. The model's crossover features a 1.5-liter turbocharged gasoline engine producing 188 horsepower, paired with two electric motors—one on the front axle with 215 hp and another on the rear with 308 hp. Together, they deliver a combined output of 711 horsepower. The vehicle uses a 44.85 kWh ternary NMC battery, offering up to 137 miles of electric range (CLTC) and a total mixed range of around 841 miles. The Lynk & Co 900's second trim is powered by a 2.0-liter engine generating 251 horsepower, along with two electric motors—165 hp at the front and 308 hp at the rear. The total combined power output is 724 horsepower. Equipped with a 52.38 kWh ternary NMC battery, it offers up to 174 miles of electric range (CLTC) and a total mixed range of about 839 miles. The top variant of the Lynk & Co 900 features the same 2.0-liter internal combustion engine paired with three electric motors. The front e-motor delivers 165 hp, while the two rear electric motors provide a combined 456 hp. The system produces a total output of 872 hp, allowing the SUV to accelerate from 0 to 62 mph in just 4.3 seconds. It offers 167 miles of electric range (CLTC) and a total mixed range of approximately 896 miles. Lynk & Co states that the roof rack can support 220 lbs while driving and 661 lbs when stationary. The vehicle comes with roughly 21-inch alloys and large front brake calipers, possibly Akebono, like other Lynk & Co and Zeekr models. For safety, the 900 features the world's first one-piece thermoformed side panel for added strength and a W-shaped crumple zone at the front for better frontal impact protection. It is also the only car tested to a rear-end collision standard of 62 mph.
New Straits Times
23-04-2025
- Automotive
- New Straits Times
China powers ahead in EV race at Shanghai motor expo
SHANGHAI: The world's largest auto expo opened its doors Wednesday in Shanghai, showcasing the new electric world order even as mounting trade barriers risk dampening China's global ambitions. With nearly 1,000 exhibitors present, foreign carmakers are raring to show they can keep pace with the ultra-competitive Chinese firms that dominate the sector's electric frontier. Beijing's historic backing of EV and hybrid development has seen the domestic market flourish, with firms on Wednesday taking the opportunity to demonstrate cutting edge technology and sophisticated design. "(Chinese brands) are really on the forefront of pushing the technology now, and have been for a few years," said Stefan Rosen, the head of design for Lynk & Co, a joint venture between China's Geely and Volvo. "I know that (foreign firms) are trying to catch up... but I would say still the industry is led through China," he told AFP. Huge crowds gathered at domestic champion BYD's booth as it unveiled five new Ocean series cars, as well as a luxury SUV under its sub-brand Yangwang, and a concept sports car under another, Denza. BYD has enjoyed a giddy few months of surging sales after annual revenue surged in 2024, eclipsing its rival, US titan Tesla, which is not present at the show. Others exhibiting range from state-owned behemoths, startups such as Nio and Li Auto, tech giants with skin in the game such as Huawei, and consumer electronics-turned-car company Xiaomi. Blaring press conferences touted advancements in fast charging, intelligent driving systems, and personalised luxury as influencers, journalists and business people wandered through the vast exhibition centre. Vying to shore up sliding sales in a market they used to dominate, German companies on Wednesday pitched themselves as building cars "in China for China." Volkswagen, the largest foreign group operating in the country, unveiled a series of new electric vehicles and a driver assistance system developed especially for the Chinese digital ecosystem. The group says it will launch more than 20 electric and hybrid models for the country by 2027. At the BMW booth, a foreign executive conducted a conversation in Mandarin with an AI assistant, before CEO Oliver Zipse rolled onstage in a futuristic white SUV from the upcoming "Neue Klasse" series. A separate version specifically tailored for China will be launched next year. "At BMW we will continue to advocate for... open markets," Zipse said, adding that "global challenges require global cooperation" in an apparent reference to the current trade turmoil set in motion by the administration of US President Donald Trump. Ola Kallenius, CEO of Mercedes-Benz, told media that in 32 years of working in the auto industry, "I don't think I've experienced a higher level of complexity." He blamed "the mix between being in the middle of a transformation, and... a shifting geopolitical and economic and trade landscape." Beijing and Washington are at an impasse after Trump's tariff policy triggered a tit-for-tat escalation between the world's two largest economies, leading to staggeringly high levies on both sides. Since last year, Chinese carmakers have also faced extra duties from the European Union. "The tariff is having an impact on our business, mostly on profitability," said Xpeng's co-president Brian Gu. "But, you know, we have a long-term commitment. We need to find a way to compete." Nio's president Qin Lihong told AFP that for now, the firm had not tariff-adjusted European retail prices, meaning it had "essentially given up the majority of the margins." Long-term planning, patience and letting go of "unrealistic expectations of significant short-term growth" was key, he added. For the market as a whole, exports to Russia and the Middle East have helped cushion the tariff impacts, consultancy AlixPartners said Tuesday. And several carmakers told AFP on Wednesday that North America was not a target for them. "We want to prioritise the most important markets, which we have already entered," Xin Tianshu, CEO of Leapmotor International, said. However, there are other, internal speedbumps ahead. The cutthroat domestic market is likely to eventually defeat many of the country's dozens of carmakers. More broadly, China's post-pandemic recovery remains wobbly.
