NEW YORK - ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) saw its shares close 10% higher Wednesday after reporting strong second quarter.
The Chinese electric vehicle maker reported revenue of $2.76 billion for Q2, representing a 58.4% increase YoY and a 36% rise sequentially. Vehicle deliveries doubled YoY to 54,811 units.
While ZEEKR posted a net loss of $248.9 million for the quarter, this marked a 10.5% improvement from Q1. On a non-GAAP basis, excluding share-based compensation, the company's loss narrowed to $119 million, down 57.2% from the previous quarter.
"In the second quarter of 2024, we substantially improved our financial and operational performance, despite facing numerous challenges and economic headwinds," said CEO Andy An.
Gross margin expanded to 17.2% from 12.3% a year ago, driven by improved margins on batteries and components. Vehicle margin rose slightly to 14.2%.
The company highlighted its accelerated global expansion and successful new model launches during the quarter as key drivers of growth. ZEEKR said it remains focused on research and development to drive innovation.
Looking ahead, CFO Jing Yuan stated the company is "dedicated to improving product quality, expanding our market share and propelling the sustainable growth of our business."
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