Zeekr Group has reported a slight increase in revenue in the first quarter of 2025, ending 31 March, compared to the same period in the previous year.
The company’s total revenues reached 22.02bn yuan ($3.03bn), marking a 1.1% year-over-year growth but a significant 37.8% decrease from the last quarter of 2024.
Go deeper with GlobalData
Vehicle sales also saw an increase of 16.1% compared to the first quarter of 2024, amounting to 19.1bn yuan ($2.63bn), despite a 38.4% drop from the fourth quarter of 2024.
This increase is driven by the growth 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 company said.
The vehicle margin improved to 16.5% in Q1 2025, up from 13.1% in the same period last year and 14.3% in the preceding quarter.
Gross profit for the quarter was reported at 4.21bn yuan ($580m), an 18.8% increase from the first quarter of 2024, with gross margin rising to 19.1% from 16.3% year-over-year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHowever, gross profit experienced a 33.8% decrease from the fourth quarter of 2024.
Despite these gains, the company faced a net loss of 763m yuan ($105m) for the quarter, which is a 60.2% improvement from the first quarter of 2024 but a 21.3% increase from the fourth quarter of 2024.
When excluding share-based compensation expenses, the adjusted net loss (non-GAAP) stood at 640m yuan ($88m), down 66.5% from the first quarter of the previous year and up 18.5% from the last quarter of 2024.
In terms of vehicle deliveries, Zeekr Group delivered a total of 114,011 units in the first quarter of 2025, which represents a 21.1% year-over-year increase.
The Zeekr brand itself delivered 41,403 vehicles, marking a 25.2% increase from the previous year.
The Lynk & Co brand which was acquired by Zeekr in February 2025, also saw growth, delivering 72,608 vehicles, which is an 18.9% rise year-over-year, with NEV models making up 52.4% of the deliveries.
Zeekr Group’s chief executive officer Andy An said: “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. The two brands’ initial technological consolidation has already boosted profitability through optimised 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.”
