What is Zeekr's plan of development in the future?
Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be more than quadrupled to 11.3 million units in 2026 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to five times the volume in 2021 by 2026, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 4.4 million units in sales volume in 2026, representing a CAGR of 29.4% from 2022 to 2026, according to Frost & Sullivan. In the future, the company also plans to tap into the BEV market in Europe and the robotaxi market in the United States. The company started to deliver its first model in October 2021. The company's revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,852.1 million) in 2021 and 2022, respectively, with a gross profit margin of 1.8% and 4.7%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, as well as other services and sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,625.0 million) in 2021 and 2022, respectively, with a gross profit margin of 15.9% and 7.7%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,109.9 million) in 2021 and 2022, respectively. Furthermore, the company has deep relationships with a range of leading suppliers, such as CATL, Bosch, and Aptiv. In addition, the company has a relationship with Onsemi, a leader in intelligent power and sensor technologies. The company will be provided with Onsemi’s EliteSiC, its silicon carbide power devices, to enhance the performance, charging efficiency, and driving range for the company's BEV products. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be more than five times to 14.0 million units in 2027 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to over six times the volume in 2021 by 2027, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 4.9 million units in sales volume in 2027, representing a CAGR of 23.8% from 2023 to 2027, according to Frost & Sullivan. In the future, the company also plans to tap into the BEV market in Europe and the robotaxi market in the United States. Furthermore, the company has deep relationships with a range of leading suppliers, such as CATL, Bosch, and Aptiv. In addition, through Geely Holding, the company has a relationship with Onsemi, a leader in intelligent power and sensor technologies. The company will be provided with Onsemi’s EliteSiC, its silicon carbide power devices, to enhance the performance, charging efficiency, and driving range for the company's BEV products. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be more than five times to 14.0 million units in 2027 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to over six times the volume in 2021 by 2027, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 4.9 million units in sales volume in 2027, representing a CAGR of 23.8% from 2023 to 2027, according to Frost & Sullivan. In the future, the company also plans to tap into the BEV market in Europe and the robotaxi market in the United States. The company started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, the company released ZEEKR 001 FR, its cross-over hatchback vehicle model based on ZEEKR 001. Featuring unique exterior and interior design and proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to its customers in January 2023. In April 2024, the company launched ZEEKR 009 Grand, a luxury version of ZEEKR 009 featuring enhanced safety, privacy, and intelligence. The company also released ZEEKR MIX, its MPV model, in the same month. • ZEEKR X. In April 2023, the company released ZEEKR X, its compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. • ZEEKR Upscale Sedan Model. In November 2023, the company launched its first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension. structure, the company's upscale sedan model is expected to achieve a $2.84 ~ 0.100 km/h acceleration and a 688 km maximum CLTC range. The company started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, the company released ZEEKR 001 FR, its cross-over hatchback vehicle model based on ZEEKR 001. Featuring unique exterior and interior design and the company's proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to its customers in January 2023. In April 2024, the company launched ZEEKR 009 Grand, a luxury version of ZEEKR 009 featuring enhanced safety, privacy, and intelligence. The company also released ZEEKR MIX, its MPV model, in the same month. • ZEEKR X. In April 2023, the company released ZEEKR X, its compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. • ZEEKR Upscale Sedan Model. In November 2023, the company launched its first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension structure, the company's upscale sedan model is expected to achieve a $2.84 s 0-100 km/h acceleration and a $688 km maximum CLTC range. The company started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, the company released ZEEKR 001 FR, a cross-over hatchback vehicle model based on ZEEKR 001. Featuring unique exterior and interior design and proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to its customers in January 2023. In April 2024, the company launched ZEEKR 009 Grand, a luxury version of ZEEKR 009 featuring enhanced safety, privacy, and intelligence. The company also released ZEEKR MIX, its MPV model, in the same month. • ZEEKR X. In April 2023, the company released ZEEKR X, a compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. • ZEEKR Upscale Sedan Model. In November 2023, the company launched its first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension. Structure, the company's upscale sedan model is expected to achieve a $2.84 \mathrm{s} ~ 0{ \cdot }100 \mathrm{km/h}$ acceleration and a 688km maximum CLTC range. The company started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, the company released ZEEKR 001 FR, a cross-over hatchback vehicle model based on ZEEKR 001. Featuring unique exterior and interior design and the company's proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched the second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to customers in January 2023. In April 2024, the company launched ZEEKR 009 Grand, a luxury version of ZEEKR 009 featuring enhanced safety, privacy, and intelligence. The company also released ZEEKR MIX, an MPV model, in the same month. • ZEEKR X. In April 2023, the company released ZEEKR X, a compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. • ZEEKR Upscale Sedan Model. In November 2023, the company launched the first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension structure, the company's upscale sedan model is expected to achieve a $2.84 s 0-100 km/h acceleration and a $688 km maximum CLTC range. The company started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, the company released ZEEKR 001 FR, its cross-over hatchback vehicle model based on ZEEKR 001. Featuring unique exterior and interior design and the company's proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to its customers in January 2023. • ZEEKR X. In April 2023, the company released ZEEKR X, its compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. • ZEEKR Upscale Sedan Model. In November 2023, the company launched its first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension structure, the company's upscale sedan model is expected to achieve a $2.84 s ~ 0.100 km/h acceleration and a $688 km maximum CLTC range. The company began the delivery of its first upscale sedan model in January 2024. The company's current and future BEV models will define its success. The company has established a comprehensive charging network and provided hassle-free charging services through at-home charging solutions, on-the-road charging solutions, and 24/7 charging fleets. The ultra charging stations, in particular, provide users with an ultimate charging experience through the company's proprietary ultra-fast charging technology developed by Ningbo Viridi. As of December 31, 2023, there were 882 company charging stations with different charging capabilities, including 436 ultra charging stations, 330 super charging stations, and 116 light charging stations, covering over 130 cities in China, further supported by over 54 thousand third-party charging stations that cover over 340 cities in China with approximately 610 thousand charging piles in total. The company has established in-depth partnerships with a number of internationally renowned smart mobility companies, laying a solid foundation for the company's business development and global expansion. For example, the company collaborates with Mobileye, a subsidiary of Intel and one of the company's strategic investors, for consumer-ready autonomous driving solutions. The company is working with Waymo, a leader in L4 autonomous driving technology, to supply vehicles for the Waymo One Fleet. The vehicles are purpose-built TaaS vehicles based on SEA-M, which is an advanced version of SEA and a high-tech mobility solution that supports a range of future mobility products including robotaxis and logistics vehicles. Furthermore, the company has deep relationships with a range of leading suppliers, such as CATL, Bosch, and Aptiv. In addition, the company has a relationship with Onsemi, a leader in intelligent power and sensor technologies. The company has established a comprehensive charging network and provided hassle-free charging services through at-home charging solutions, on-the-road charging solutions, and 24/7 charging fleets. The ultra charging stations, in particular, provide users with an ultimate charging experience through the company's proprietary ultra-fast charging technology developed by Ningbo Viridi. As of December 31, 2023, there were 882 charging stations with different charging capabilities, including 436 ultra charging stations, 330 super charging stations, and 116 light charging stations, covering over 130 cities in China, further supported by over 54 thousand third-party charging stations that cover over 340 cities in China with approximately 610 thousand charging piles in total. The company has established in-depth partnerships with a number of internationally renowned smart mobility companies, laying a solid foundation for the company's business development and global expansion. For example, the company collaborates with Mobileye, a subsidiary of Intel and one of the company's strategic investors, for consumer-ready autonomous driving solutions. Going forward, the company will continue to deepen its collaboration with Mobileye. The company is working with Waymo, a leader in L4 autonomous driving technology, to supply vehicles for the Waymo One Fleet. The vehicles are purpose-built TaaS vehicles based on SEA-M, which is an advanced version of SEA and a high-tech mobility solution that supports a range of future mobility products including robotaxis and logistics vehicles. Furthermore, the company has deep relationships with a range of leading suppliers, such as CATL, Bosch, and Aptiv. In addition, the company has a relationship with Onsemi, a leader in intelligent power and sensor technologies. The company is a market player with a China focus and global aspirations. Currently, the company mainly markets and sells its products in China, the largest BEV market globally in 2023, according to Frost & Sullivan. The company has started to deliver the ZEEKR 001 in Europe in December 2023. In the future, the company also plans to supply vehicles for the Waymo One Fleet in the United States. For details of the company's plan to increase its global footprint, see “— Our Growth Strategies.” As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the company's first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. To successfully achieve the company's mission, the company assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. In addition to the company, Mr. An has successfully established, developed, and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented DTC sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 18 Centers, 219 Spaces, 29 Delivery Centers, and 40 Houses as of June 30, 2023. In addition, the company closely interacts with customers by building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent BEVs. Within the APP, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant user community. To successfully achieve the company's mission, the company assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. In addition to the company, Mr. An has successfully established, developed, and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented direct-to-consumer (DTC) sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 18 Centers, 219 Spaces, 29 Delivery Centers, and 40 Houses as of June 30, 2023. In addition, the company closely interacts with customers through building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent battery electric vehicles (BEVs). Within the APP, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant user community. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, it continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced its plan to integrate. The company plans to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation intelligent BEV. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. To successfully achieve the company's mission, it assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving its future development. The company's co-founder and CEO has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. The company plans to strengthen its sales and service network to increase interaction and engagement with existing and prospective customers. To build a comprehensive sales and service network, the company plans to continue the investment in and the development of its direct-to-consumer (DTC) model and broaden its offline and online customer community. For instance, the company plans to launch a number of experience centers across China in the near future to increase customer engagement and brand exposure. The company will continuously hold online and offline events on a regular basis through its app, such as “Light up the City” urban marketing tours, seminars, reviews, and life experience gatherings. For details, see “— Our Sales and Services — Direct Sales and Service Model.”
Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. In November 2023, the company also launched its first upscale sedan model targeting tech-savvy adults and families. Powered by $800V architecture and a multi-link suspension structure, the company's upscale sedan model is expected to achieve a $2.84s ~ 0.100 km/h acceleration and an $870 km maximum CLTC range. The company expects to begin the delivery of its first upscale sedan model in early 2024. The company's current and future BEV models will define its success. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, the company plans to launch vehicles for the next generation of mobility lifestyle. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company's total revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,852.1 million) in 2021 and 2022, respectively, with a gross profit margin of 1.8% and 4.7%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, as well as other services and sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,625.0 million) in 2021 and 2022, respectively, with a gross profit margin of 15.9% and 7.7%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,109.9 million) in 2021 and 2022, respectively. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pickup truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. • ZEEKR 001. With an unwavering commitment to the company's mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001 (2024 model). The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by its strong in-house R&D capabilities, high operational flexibility, and flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. • ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001 (2024 model). The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pickup truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow the company to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant advantages. competitive advantages in the market. The SEA platform also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip the ZEEKR 009 with CATL’s latest Qilin battery thanks to the structural flexibility of the SEA platform. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The company's current product portfolio primarily includes ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, ZEEKR X, and an upscale sedan model. ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001, or ZEEKR 001 (2024 model). The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The company's current product portfolio primarily includes ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, ZEEKR X, and an upscale sedan model. • ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001, or ZEEKR 001 (2024 model). The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The current product portfolio primarily includes ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, and ZEEKR X. ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In October 2023, the company released ZEEKR 001 FR, its latest cross-over hatchback vehicle model based on ZEEKR 001. The company's business success and rapid growth are largely attributable to strong in-house research and development capabilities, including but not limited to the company's E-platform, advanced E/E Architecture, proprietary ZEEKR OS, as well as FOTA capabilities and autonomous driving solutions. For details, see “Business — Research and Development.” These technological strengths help the company differentiate its products from those of its peers and allow the company to continuously innovate in a highly competitive industry. Therefore, the company has made and will continue to make significant investments into its research and development. The company plans to launch next-generation driving technologies through in-house research and development and collaboration with strategic partners, some of which have industry-leading positions in their fields. For instance, the company plans to work with its strategic partners in the field of autonomous driving technologies. For details, see “Business — Collaboration and Strategic Partnerships — Our Partnership with Third Parties.” In addition, the company will further strengthen its research and development to advance the development of battery packs and battery management systems in Ningbo Viridi, as well as the autonomous driving technologies in CEVT. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The current product portfolio primarily includes ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, and ZEEKR X. ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over 1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In October 2023, the company released ZEEKR 001 FR, its latest cross-over hatchback vehicle model based on ZEEKR 001. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The company's current product portfolio includes ZEEKR 001 and ZEEKR 009. The company's current and future BEV models will define the company's success. ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 on April 15, 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 on October 23, 2021. • ZEEKR 009. On November 1, 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. The company 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. The company 009 has enjoyed wide popularity since launch, and the company started to deliver the company 009 to its customers in January 2023. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, the company plans to launch SUV and sedan models targeting tech-savvy adults and families in the future. The company and Waymo are collaborating on the development of a purpose-built TaaS vehicle built on SEA-M, which will be deployed in the United States over the coming years. SEA-M is an advanced version of SEA that is a high-tech mobility solution to support a range of future mobility products including robotaxis and logistics vehicles, laying a solid and flexible foundation for global autonomous driving technology or ride-sharing companies to develop. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of the company's current products and capabilities, the company has achieved a total delivery of 10,000 units of the company 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, sets a new record among the major mid- to high-end NEV models and premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. The company has delivered a cumulative 86,519 units of ZEEKR vehicles as of February 28, 2023, and achieved among the fastest delivery in the premium BEV market in China from October 2021 to December 2022, according to Frost & Sullivan. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pickup truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow it to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip ZEEKR 009 with CATL’s latest Qilin battery thanks to the structural flexibility of SEA. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, the extended range version is expected to be the world’s first pure-electric MPV model with an over 800 km CLTC range and the longest all-electric range in the MPV market, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured in the Factory, which is owned and operated by Geely Holding, and Geely Holding was the company's largest supplier for 2022. Furthermore, before the launch of ZEEKR 001, a significant portion of the company's revenue has historically been derived from the sales of batteries and other components and research and development services to Geely Group. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the company's Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced plans to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation of intelligent BEVs. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. To successfully achieve the company's mission, the company assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. In addition to the company, Mr. An has successfully established, developed, and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented DTC sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 15 centers, 195 spaces, 26 delivery centers, and 24 houses as of December 31, 2022. In addition, the company closely interacts with customers through building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent BEVs. Within the app, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant user community. The company's customer engagement efforts enable the company to better understand customer needs to be incorporated into future product design and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, the company is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company has established a comprehensive charging network and provided hassle-free charging services through at-home charging solutions, on-the-road charging solutions, and 24/7 charging fleets. The ultra charging stations, in particular, provide users with an ultimate charging experience through the company's proprietary ultra-fast charging technology developed by Ningbo Viridi. As of December 31, 2022, there were 607 charging stations with different charging capabilities, including 200 ultra charging stations, 292 super charging stations, and 115 light charging stations, covering 113 cities in China, further supported by third-party charging stations that cover 336 cities in China with approximately 380 thousand charging piles in total. The company has established in-depth partnerships with a number of internationally renowned smart mobility companies, laying a solid foundation for the company's business development and global expansion. For example, the company collaborates with Mobileye, a subsidiary of Intel and one of the company's strategic investors, for consumer-ready autonomous driving solutions. The company and Waymo are collaborating on the development of a purpose-built TaaS vehicle built on the SEA-M platform which will be deployed in the United States over the coming years. Furthermore, the company has deep relationships with a range of leading suppliers, such as CATL, Bosch, and Aptiv. The company operates in a rapidly growing market with extensive potential. The company depends on Geely Holding to allow the company to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant competitive advantages in the market. The SEA platform also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip its latest model with CATL’s latest Qilin battery thanks to the structural flexibility of the SEA platform. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, the extended range version of this model is expected to be the world’s first pure-electric MPV model with an over 800 km CLTC range and the longest all-electric range in the MPV market, according to Frost & Sullivan. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented direct-to-consumer (DTC) sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 15 centers, 195 spaces, 26 delivery centers, and 24 houses as of December 31, 2022. In addition, the company closely interacts with customers by building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent battery electric vehicles (BEVs). Within the company APP, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of company lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant company user community. The company's customer engagement efforts enable the company to better understand customer needs to be incorporated into future product design, and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, the company is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company's revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,852.1 million) in 2021 and 2022, respectively, with a gross profit margin of 1.8% and 4.7%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, as well as other services and sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,625.0 million) in 2021 and 2022, respectively, with a gross profit margin of 15.9% and 7.7%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,109.9 million) in 2021 and 2022, respectively. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pick-up truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow it to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip its model with CATL’s latest Qilin battery, making it the first mass-produced BEV model equipped with Qilin battery, according to Frost & Sullivan. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, its extended range version is the world’s first pure-electric MPV model with an over 800 km CLTC range and the longest all-electric range in the MPV market by the end of February 2024, according to Frost & Sullivan. The company began the delivery of its first upscale sedan model in January 2024. The company's current and future BEV models will define the company's success. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, the company plans to launch vehicles for the next generation of mobility lifestyle. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of the company's current products and capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end NEV models and premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs, utilizing world-leading players such as Mobileye, and has also announced its plan to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation intelligent BEV. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. To successfully achieve the company's mission, the company assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. In addition to the company, Mr. An has successfully established, developed, and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented direct-to-consumer (DTC) sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 24 company Centers, 240 company Spaces, 31 company Delivery Centers, and 45 company Houses in China, and two company Centers overseas as of December 31, 2023. In addition, the company closely interacts with customers by building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent battery electric vehicles (BEVs). Within the company APP, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of company lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant company user community. The company's customer engagement efforts enable the company to better understand customer needs to be incorporated into future product design and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, the company is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company began the delivery of its first upscale sedan model in January 2024. As a testament to the popularity of the company's current vehicle models and the company's capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle models. premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the ZEEKR brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured at the ZEEKR Factory, the Chengdu Factory, and the Meishan Factory, which are owned and operated by Geely Group, and Geely Holding was the company's largest supplier for 2022 and 2023. Furthermore, before the launch of ZEEKR 001, a significant portion of the company's revenue has historically been derived from sales of batteries and other components and research and development services to Geely Group. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable the company to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on products and systems relating to batteries, motors, electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced plans to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation of intelligent BEVs. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be approximately five times to 13.7 million units in 2028 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience an even faster growth, almost increasing to more than seven times the volume in 2021 by 2028, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 5.3 million units in sales volume in 2028, representing a CAGR of 18.6% from 2024 to 2028, according to Frost & Sullivan. The company has started to deliver ZEEKR 001 in Europe in December 2023. In the future, the company also plans to tap into the robotaxi market in the United States. The company began the delivery of its first upscale sedan model in January 2024. The company's current and future BEV models will define its success. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, the company plans to launch vehicles for the next generation mobility lifestyle. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of the company's current products and capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end NEV models and premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs, utilizing world-leading players such as Mobileye, and has also announced plans to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation of intelligent BEVs. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. To successfully achieve the company's mission, it assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. The company began the delivery of its first upscale sedan model in January 2024. As a testament to the popularity of the company's current vehicle models and its capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle models. premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the ZEEKR brand. In November 2022, the company launched its second model, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. This model is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. It has enjoyed wide popularity since launch, and the company started to deliver it to its customers in January 2023. In April 2023, the company released a compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver this model in June 2023. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, the company plans to launch sedan models targeting tech-savvy adults and families in the future, as well as vehicles for the next generation of mobility lifestyles. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of the company's current products and capabilities, the company has achieved a total delivery of 10,000 units of its first model in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end NEV models and premium BEV models in China. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, the extended range version is expected to be the world’s first pure-electric MPV model with an over 800 km CLTC range and the longest all-electric range in the MPV market, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured at the Factory or the Chengdu Factory, which are owned and operated by Geely Group, and Geely Holding was the company's largest supplier for 2022 and the six months ended June 30, 2023. Furthermore, before the launch of ZEEKR 001, a significant portion of the company's revenue has historically been derived from the sales of batteries and other components and research and development services to Geely Group. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced plans to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation of intelligent BEVs. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. To successfully achieve the company's mission, the company assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. In addition to the company, Mr. An has successfully established, developed, and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented DTC sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 18 Centers, 219 Spaces, 29 Delivery Centers, and 40 Houses as of June 30, 2023. In addition, the company closely interacts with customers by building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent BEVs. Within the APP, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant user community. The company's customer engagement efforts enable the company to better understand customer needs to be incorporated into future product design and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, the company is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company has established a comprehensive charging network and provided hassle-free charging services through at-home charging solutions, on-the-road charging solutions, and 24/7 charging fleets. The ultra charging stations, in particular, provide users with an ultimate charging experience through the company's proprietary ultra-fast charging technology developed by Ningbo Viridi. As of June 30, 2023, there were 746 charging stations with different charging capabilities, including 321 ultra charging stations, 308 super charging stations, and 117 light charging stations, covering over 120 cities in China, further supported by third-party charging stations that cover over 340 cities in China with over 520 thousand charging piles in total. The company has established in-depth partnerships with a number of internationally renowned smart mobility companies, laying a solid foundation for the company's business development and global expansion. For example, the company collaborates with Mobileye, a subsidiary of Intel and one of the company's strategic investors, for consumer-ready autonomous driving solutions. The company is working with Waymo, a leader in L4 autonomous driving technology, to supply vehicles for the Waymo One Fleet. The vehicles are purpose-built TaaS vehicles based on SEA-M, which is an advanced version of SEA and a high-tech mobility solution that supports a range of future mobility products including robotaxis and logistics vehicles. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The company's current product portfolio primarily includes ZEEKR 001, ZEEKR 009, and ZEEKR X. The current and future BEV models will define the company's success. • ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. • ZEEKR 009. In October 2022, the company delivered 10,119 units of its premium electric vehicle model to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of June 30, 2023, cumulatively the company had delivered a total of 120,581 units of its vehicles, which is among the fastest delivery in the premium BEV market in China from October 2021 to June 2023, according to Frost & Sullivan. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pick-up truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow it to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip its latest model with CATL’s latest Qilin battery, making it the first mass-produced BEV model equipped with Qilin battery, according to Frost & Sullivan. The company's revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,712.8 million) in 2021 and 2022, and RMB5,296.7 million and RMB13,175.4 million (US$1,817.0 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 1.8%, 4.7%, 4.7%, and 12.3%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, other services, and sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,399.1 million) in 2021 and 2022, and RMB9,012.2 million and RMB21,270.1 million (US$2,933.3 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, 9.7%, and 10.5%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,055.7 million) in 2021 and 2022, and RMB3,085.2 million and RMB3,870.6 million (US$533.8 million) in the six months ended June 30, 2022 and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pickup truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow the company to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities and execution efficiency, cost efficiency and control consistency in the vehicle development process, giving the company's battery electric vehicles (BEVs) significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip the 009 with CATL’s latest Qilin battery, making the 009 the first mass-produced BEV model equipped with the Qilin battery, according to Frost & Sullivan. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, the 009’s extended range version is expected to be the world’s first pure electric multi-purpose vehicle (MPV) model with an over 800 km CLTC range and the longest all-electric range in the MPV market, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the company brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured at the manufacturing plant in Ningbo Hangzhou Bay New Zone owned by Geely Holding (the “company Factory”), the manufacturing plant in Chengdu owned by Geely Auto (the “Chengdu Factory”), or the manufacturing plant in Ningbo Beilun District owned by Geely Holding (the “Meishan Factory”), and Geely Holding was the company's largest supplier for 2022 and 2023. Furthermore, before the launch of the company 001, a significant portion of the company's revenue has historically been derived from the sales of batteries and other components and research and development services to Geely Group. In addition to the company, Mr. An has successfully established, developed, and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group. The company is guided by its customer-oriented principle to provide customers with service and experience in every aspect of their journey with the company. The company adopts a customer-oriented DTC sales model with a focus on innovative and interactive engagement with its customers. The company has established extensive customer touchpoints including 24 Centers, 240 Spaces, 31 Delivery Centers, and 45 Houses in China, and two Centers overseas as of December 31, 2023. In addition, the company closely interacts with customers by building an integrated online and offline customer community to provide a holistic experience that goes beyond the purchase of intelligent BEVs. Within the APP, customers can enjoy one-stop car purchase, charging solutions, financial services, roadside assistance, intelligent car control, online shopping of lifestyle products, social interaction, and seamless communication with the customer services team. The company also holds a variety of offline customer events to nurture a vibrant user community. The company's customer engagement efforts enable it to better understand customer needs to be incorporated into future product design and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, it is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company will be provided with Onsemi’s EliteSiC, its silicon carbide power devices, to enhance the performance, charging efficiency, and driving range for the company's BEV products. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be approximately five times greater and reach 13.7 million units in 2028 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to over seven times the volume in 2021 by 2028, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 5.3 million units in sales volume in 2028, representing a CAGR of 18.6% from 2024 to 2028, according to Frost & Sullivan. In the future, the company also plans to tap into the robotaxi market in the United States. In December 2023, the company started to deliver the ZEEKR 001 in Europe. The company's revenue from vehicle sales amounted to RMB1,544.3 million, RMB19,671.2 million, and RMB33,911.8 million (US$4,776.4 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 1.8%, 4.7%, and 15.0%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, other services, and sales of batteries and other components. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced plans to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation of intelligent BEVs. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be approximately five times to 13.7 million units in 2028 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to more than seven times the volume in 2021 by 2028, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 5.3 million units in sales volume in 2028, representing a CAGR of 18.6% from 2024 to 2028, according to Frost & Sullivan. The company has started to deliver ZEEKR 001 in Europe in December 2023. In the future, the company also plans to tap into the robotaxi market in the United States. The company is a fast-growing battery electric vehicle (BEV) technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and the application of new technologies. The company's efforts are backed by strong in-house research and development (R&D) capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent battery electric vehicle (BEV) market with unique positioning, featuring a strong sense of technology, in-house research and development (R&D) capabilities, stylish design, high-caliber performance, and a premium user experience. The company's current product portfolio primarily includes Model A, Model B, Model C, Model D, and an upscale sedan model. Model A. With an unwavering commitment to its mission, the company released Model A in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, Model A is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. Model A is also the first mass-produced BEV model with over 1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of Model A in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001, or ZEEKR 001 (2024 model). The company started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, the company released ZEEKR 001 FR, its cross-over hatchback vehicle model based on ZEEKR 001. Featuring unique exterior and interior design and proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to its customers in January 2023. In April 2024, the company launched ZEEKR 009 Grand, a luxury version of ZEEKR 009 featuring enhanced safety, privacy, and intelligence. The company also released ZEEKR MIX, its MPV model, in the same month. • ZEEKR X. In April 2023, the company released ZEEKR X, its compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. • ZEEKR Upscale Sedan Model. In November 2023, the company launched its first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension. structure, the company's upscale sedan model is expected to achieve a $2.84 ~ 0.100 km/h acceleration and a 688 km maximum CLTC range. The company began the delivery of its first upscale sedan model in January 2024. The company's current and future battery electric vehicle (BEV) models will define the company's success. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, the company plans to launch vehicles for the next generation of mobility lifestyle. Through these future models, the company intends to provide premium mobility solutions characterized by innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of the company's current products and capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle (NEV) models and premium battery electric vehicle (BEV) models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. The development of company's battery electric vehicle (BEV) models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pick-up truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. company depends on Geely Holding to allow the company to continue to utilize SEA, which is currently the most suitable platform for company. The widely compatible SEA enables robust research and development capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving company's BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, company was able to equip ZEEKR 009 with CATL’s latest Qilin battery, making ZEEKR 009 the first mass-produced BEV model equipped with Qilin battery, according to Frost & Sullivan. Together with company's proprietary advanced battery solutions and highly efficient electric drive system, ZEEKR 009’s extended range version is the world’s first pure-electric MPV model with an over 800 km CLTC range and the longest all-electric range in the MPV market by the end of February 2024, according to Frost & Sullivan. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye, and has also announced its plan to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation intelligent BEV. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. To successfully achieve the company's mission, the company assembled a top-notch management team with diversified yet complementary backgrounds and experiences. The company's management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving the company's future development. The company's co-founder and CEO Conghui An has over 25 years’ experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. The company began the delivery of the first upscale sedan model in January 2024. As a testament to the popularity of the company's current vehicle models and the company's capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle models. premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the ZEEKR brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured at the ZEEKR Factory, the Chengdu Factory, and the Meishan Factory, which are owned and operated by Geely Group, and Geely Holding was the company's largest supplier for 2022 and 2023. Furthermore, before the launch of ZEEKR 001, a significant portion of the company's revenue has historically been derived from sales of batteries and other components and research and development services to Geely Group. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable the company to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on products and systems relating to batteries, motors, electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company strategically spearheaded the premium intelligent BEV market with unique positioning, featuring a strong sense of technology, in-house R&D capabilities, stylish design, high-caliber performance, and a premium user experience. The company's current product portfolio primarily includes ZEEKR 001, ZEEKR 009, and ZEEKR X. The company's current and future BEV models will define the company's success. • ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. • ZEEKR 009. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of June 30, 2023, cumulatively the company had delivered a total of 120,581 units of ZEEKR vehicles, which is among the fastest delivery in the premium BEV market in China from October 2021 to June 2023, according to Frost & Sullivan. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pick-up truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow it to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip ZEEKR 009 with CATL’s latest Qilin battery, making ZEEKR 009 the first mass-produced BEV model equipped with Qilin battery, according to Frost & Sullivan. The company's revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,712.8 million) in 2021 and 2022, and RMB5,296.7 million and RMB13,175.4 million (US$1,817.0 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 1.8%, 4.7%, 4.7%, and 12.3%, respectively. In addition to vehicle sales, the company generated revenues from research and development services and other services, as well as sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,399.1 million) in 2021 and 2022, and RMB9,012.2 million and RMB21,270.1 million (US$2,933.3 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, 9.7%, and 10.5%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,055.7 million) in 2021 and 2022, and RMB3,085.2 million and RMB3,870.6 million (US$533.8 million) in the six months ended June 30, 2022 and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pickup truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow it to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities and execution efficiency, cost efficiency and control consistency in the vehicle development process, giving the company's battery electric vehicles (BEVs) significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip the ZEEKR 009 with CATL’s latest Qilin battery, making the ZEEKR 009 the first mass-produced BEV model equipped with the Qilin battery, according to Frost & Sullivan. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, the ZEEKR 009’s extended range version is expected to be the world’s first pure electric multi-purpose vehicle (MPV) model with an over 800 km CLTC range and the longest all-electric range in the MPV market, according to Frost & Sullivan. The company is strategically focused on the design, engineering, development, and sales of premium battery electric vehicles (BEVs) featuring cutting-edge technology, drivability, and user experience. The company leverages extensive research and development capabilities, deep industry know-how, and synergies with Geely Group to tap into China’s massive, fast-growing premium BEV segment with great market potential. According to Frost & Sullivan, the sales volume of premium BEVs in China is expected to increase from 666.4 thousand units in 2024 to 2,607.6 thousand units in 2028 at a compound annual growth rate (CAGR) of 40.6%. For details of the growth trend of premium BEV sales in China, see “Industry Overview — China NEV and BEV Market Overview.” In 2021, the company released and started to deliver the ZEEKR 001, its first mass-produced premium battery electric vehicle (BEV) model. The company released an upgraded version of the ZEEKR 001 (2024 model) in February 2024 and started vehicle delivery in March 2024. In November 2022, the company launched its second vehicle model, the ZEEKR 009, and started delivery in January 2023. In April 2023, the company released the ZEEKR X, its compact SUV model, and began to deliver the ZEEKR X in June 2023. The company also started to deliver the ZEEKR 001 FR in November 2023. In January 2024, the company started to deliver its first upscale sedan model. Going forward, the company plans to offer an expanded product portfolio to meet varied customer demands and preferences. For instance, the company plans to launch vehicles for next generation mobility lifestyle. [Table Level]
- Table Title: Monthly Delivery Volumes of Company Vehicles
- Table Summary: This table presents the monthly delivery volumes of company vehicles from January 2023 to April 2024. It showcases the steady growth and fluctuations in the number of vehicles delivered each month, highlighting significant deliveries within the premium battery electric vehicle (BEV) market.
- Context: The table follows a description of the company's rapid growth in vehicle deliveries, particularly in China, where the company significantly impacts the premium BEV market. The context emphasizes the company's success and plans for future expansions in Europe and the United States.
- Special Notes: Delivery volumes are measured in units. The information reflects the company's position as a fast-growing entity in the BEV sector.

[Row Level]
Row 1: In April 2024, the company delivered 16,089 vehicles, marking one of the highest monthly delivery volumes in the time period shown.
Row 2: March 2024 saw a delivery of 13,012 company vehicles.
Row 3: February 2024 had a delivery volume of 7,510 company vehicles.
Row 4: In January 2024, the company delivered 12,537 vehicles.
Row 5: December 2023 recorded a delivery of 13,476 company vehicles.
Row 6: During November 2023, the company delivered 13,104 vehicles.
Row 7: October 2023 deliveries totaled 13,077 company vehicles.
Row 8: The company delivered 12,053 vehicles in September 2023.
Row 9: August 2023 saw a delivery of 12,303 company vehicles.
Row 10: In July 2023, 12,039 company vehicles were delivered.
Row 11: The delivery volume in June 2023 was 10,620 company vehicles.
Row 12: May 2023 observed a delivery of 8,678 company vehicles.
Row 13: April 2023 had a delivery of 8,101 company vehicles.
Row 14: During March 2023, the company delivered 6,663 vehicles.
Row 15: February 2023 recorded a delivery of 5,455 company vehicles.
Row 16: In January 2023, the company delivered 3,116 vehicles. Featuring unique exterior and interior design and proprietary technologies, ZEEKR 001 FR is designed to offer outstanding vehicle performance with various driving modes. The company started to deliver ZEEKR 001 FR in November 2023. • ZEEKR 009. In November 2022, the company launched its second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company started to deliver ZEEKR 009 to its customers in January 2023. ZEEKR X. In April 2023, the company released ZEEKR X, its compact SUV model featuring spacious interior design, advanced technology, and superior driving performance. The company began to deliver ZEEKR X in June 2023. The company's current and future BEV models will define its success. Going forward, the company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, in November 2023, the company will launch its first premium sedan model targeting tech-savvy adults and families. The company also plans to launch vehicles for the next generation mobility lifestyle. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of the company's current products and capabilities, the company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end NEV models and premium BEV models in China. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of October 31, 2023, cumulatively the company had delivered a total of 170,053 units of ZEEKR vehicles, which is among the fastest delivery in the premium BEV market in China from October 2021 to October 2023, according to Frost & Sullivan. The development of the company's BEV models is powered by SEA, a set of open-source, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pick-up truck, and robotaxi, which have a wheelbase mainly between 1,800 mm to 3,300 mm. The company depends on Geely Holding to allow it to continue to utilize SEA, which is currently the most suitable platform for the company. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency, and control consistency in the vehicle development process, giving the company's BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, the company was able to equip ZEEKR 009 with CATL’s latest Qilin battery, making ZEEKR 009 the first mass-produced BEV model equipped with Qilin battery, according to Frost & Sullivan. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, ZEEKR 009’s extended range version is the world’s first pure-electric MPV model with an over 800 km CLTC range and the longest all-electric range in the MPV market by the end of October 2023, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the ZEEKR brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured at the ZEEKR Factory or the Chengdu Factory, which are owned and operated by Geely Group, and Geely Holding was the company's largest supplier for 2022 and the six months ended June 30, 2023. Furthermore, before the launch of ZEEKR 001, a significant portion of the company's revenue has historically been derived from the sales of batteries and other components and research and development services to Geely Group. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable it to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced its plan to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the next generation of intelligent BEVs. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. The company's customer engagement efforts enable the company to better understand customer needs to be incorporated into future product design and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, the company is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company has established a comprehensive charging network and provided hassle-free charging services through at-home charging solutions, on-the-road charging solutions, and 24/7 charging fleets. The ultra charging stations, in particular, provide users with an ultimate charging experience through the company's proprietary ultra-fast charging technology developed by Ningbo Viridi. As of June 30, 2023, there were 746 charging stations with different charging capabilities, including 321 ultra charging stations, 308 super charging stations, and 117 light charging stations, covering over 120 cities in China, further supported by third-party charging stations that cover over 340 cities in China with over 520 thousand charging piles in total. The company has established in-depth partnerships with a number of internationally renowned smart mobility companies, laying a solid foundation for the company's business development and global expansion. For example, the company collaborates with Mobileye, a subsidiary of Intel and one of the company's strategic investors, for consumer-ready autonomous driving solutions. The company is working with Waymo, a leader in L4 autonomous driving technology, to supply vehicles for the Waymo One Fleet. The vehicles are purpose-built TaaS vehicles based on SEA-M, which is an advanced version of SEA and a high-tech mobility solution that supports a range of future mobility products including robotaxis and logistics vehicles. Furthermore, the company has deep relationships with a range of leading suppliers, such as CATL, Bosch, and Aptiv. In addition, the company has a relationship with Onsemi, a leader in intelligent power and sensor technologies. The company will be provided with Onsemi’s EliteSiC, its silicon carbide power devices, to enhance the performance, charging efficiency, and driving range for the company's BEV products. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be more than five times to 14.0 million units in 2027 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to over six times the volume in 2021 by 2027, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 4.9 million units in sales volume in 2027, representing a CAGR of 23.8% from 2023 to 2027, according to Frost & Sullivan. In the future, the company also plans to tap into the BEV market in Europe and the robotaxi market in the United States. The company's revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,712.8 million) in 2021 and 2022, and RMB5,296.7 million and RMB13,175.4 million (US$1,817.0 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 1.8%, 4.7%, 4.7% and 12.3%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, other services, and sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,399.1 million) in 2021 and 2022, and RMB9,012.2 million and RMB21,270.1 million (US$2,933.3 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, 9.7% and 10.5%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,055.7 million) in 2021 and 2022, and RMB3,085.2 million and RMB3,870.6 million (US$533.8 million) in the six months ended June 30, 2022 and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by its strong in-house R&D capabilities, high operational flexibility, and flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. The company's customer engagement efforts enable the company to better understand customer needs to be incorporated into future product design, and continuously strengthen customer loyalty and stickiness. Underpinned by the company's superior capability in supply chain and manufacturing planning and management, the company is also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by its customers. The company is strategically focused on the design, engineering, development, and sales of premium battery electric vehicles (BEVs) featuring cutting-edge technology, drivability, and user experience. The company leverages extensive research and development (R&D) capabilities, deep industry know-how, and synergies with Geely Group to tap into China’s massive, fast-growing premium BEV segment with great market potential. According to Frost & Sullivan, the sales volume of premium BEVs in China is expected to increase from 666.4 thousand units in 2024 to 2,607.6 thousand units in 2028 at a compound annual growth rate (CAGR) of 40.6%. For details of the growth trend of premium BEV sales in China, see “Industry Overview — China NEV and BEV Market Overview.” In 2021, the company released and started to deliver ZEEKR 001, its first mass-produced premium battery electric vehicle (BEV) model. The company released an upgraded version of ZEEKR 001 (2024 model) in February 2024 and started vehicle delivery in March 2024. In November 2022, the company launched its second vehicle model, ZEEKR 009, and started delivery in January 2023. In April 2023, the company released ZEEKR X, its compact SUV model, and began to deliver ZEEKR X in June 2023. The company also started to deliver ZEEKR 001 FR in November 2023. In January 2024, the company started to deliver its first upscale sedan model. Going forward, the company plans to offer an expanded product portfolio to meet varied customer demands and preferences. For instance, the company plans to launch vehicles for next generation mobility lifestyle. The company is a market player with a China focus and global aspirations. Currently, the company mainly markets and sells its products in China, the largest BEV market globally in 2023, according to Frost & Sullivan. The company has started to deliver ZEEKR 001 in Europe in December 2023. In the future, the company also plans to supply vehicles for the Waymo One Fleet in the United States. For details of the company's plan to increase its global footprint, see “— Our Growth Strategies.” As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. [Table Level]
- Table Title: Vehicle Delivery Volumes
- Table Summary: The table lists the monthly delivery volumes of vehicles over a span of two years—2023 and the beginning of 2024. It highlights the progression of delivery volumes, giving insights into the company's growth in vehicle distribution.
- Context: The company is focused on expanding its global footprint, with significant deliveries in China, the largest BEV market. The company has started delivering vehicles in Europe and plans further expansion in the United States.
- Special Notes: Delivery volumes are presented in units. 2024 figures show data only until March.

[Row Level]
Row 1: In March 2024, the company delivered 13,012 units of its vehicles.
Row 2: February 2024 saw a delivery volume of 7,510 units.
Row 3: January 2024 registered a delivery of 12,537 units.
Row 4: During December 2023, the company achieved its highest delivery volume for that year with 13,476 units.
Row 5: November 2023 experienced a delivery volume of 13,104 units.
Row 6: In October 2023, the company's delivery volume was 13,077 units, coinciding with a notable milestone of delivering over 10,000 units in a month.
Row 7: September 2023 had a delivery volume of 12,053 units.
Row 8: August 2023 deliveries amounted to 12,303 units.
Row 9: In July 2023, the company delivered 12,039 units.
Row 10: June 2023 recorded deliveries totaling 10,620 units.
Row 11: For May 2023, the company's delivery volume was 8,678 units.
Row 12: April 2023 saw deliveries of 8,101 units.
Row 13: March 2023 had a delivery volume of 6,663 units.
Row 14: February 2023 recorded deliveries of 5,455 units.
Row 15: The delivery volume in January 2023 was 3,116 units. Going forward, company plans to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, company plans to launch vehicles for the next generation of mobility lifestyles. Through these future models, company intends to provide premium mobility solutions characterized by innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. As a testament to the popularity of company's current products and capabilities, company has achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end NEV models and premium BEV models in China. In October 2022, company delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. The company will be provided with Onsemi’s EliteSiC, its silicon carbide power devices, to enhance the performance, charging efficiency, and driving range for the company's BEV products. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be approximately five times greater, reaching 13.7 million units in 2028 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to over seven times the volume in 2021 by 2028, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 5.3 million units in sales volume in 2028. representing a CAGR of 18.6% from 2024 to 2028, according to Frost & Sullivan. In the future, the company also plans to tap into the robotaxi market in the United States. In December 2023, the company started to deliver the ZEEKR 001 in Europe. The company's revenue from vehicle sales amounted to RMB1,544.3 million, RMB19,671.2 million, and RMB33,911.8 million (US$4,776.4 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 1.8%, 4.7%, and 15.0%, respectively. In addition to vehicle sales, the company generated revenues from research and development services, other services, and sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. As a testament to the popularity of the company's current vehicle models and its capabilities, the company has achieved a total delivery of 10,000 units of the ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle (NEV) models and premium battery electric vehicle (BEV) models in China. In October 2022, the company delivered 10,119 units of the ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over. 10,000 units of single-month delivery volume, according to Frost & Sullivan. As of December 31, 2023, the company delivered a total of 196,633 vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan. As a premium BEV brand incubated by Geely Group, the company inherits unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities, and operational know-how. Geely Group’s powerful and world-class brand equity also echoes product innovation, performance, and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the brand. These competitive advantages enable the company to quickly incorporate customer needs and concepts into its products and manage the complex operation process to achieve the fast ramp-up of production and deliveries. The company also leverages Geely Group’s advanced and well-established manufacturing capacity, which helps retain effective oversight over key steps in procurement, manufacturing, and product quality control with minimal capital outlay. At the same time, the company's BEVs are manufactured at the company Factory, the Chengdu Factory, and the Meishan Factory, which are owned and operated by Geely Group, and Geely Holding was the company's largest supplier for 2022 and 2023. Furthermore, before the launch of ZEEKR 001, a significant portion of the company's revenue has historically been derived from sales of batteries and other components and research and development services to Geely Group. The company has strong in-house technological capabilities focusing on electrification and intelligentization. The company's in-house design, engineering, and R&D enable the company to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, the company's in-house capabilities are also supported by (i) the company's Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (ii) Ningbo Viridi, the company's PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions, and energy storage. Leveraging the company's in-house E/E Architecture design and operating system, ZEEKR OS, the company continuously updates its BEV functions through effective and efficient FOTA. The company deploys cutting-edge autonomous driving technology into its BEVs by world-leading players such as Mobileye and has also announced its plan to integrate NVIDIA DRIVE Thor, the 2,000 TOPS AV superchip, into its centralized vehicle computer for the company's next generation intelligent BEV. The company also offers an intelligent cockpit to deliver interactive, immersive, and enjoyable driving experiences. The company operates in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies, and enhancement of charging infrastructure, China’s BEV market has substantial room for growth in both volume and BEV penetration. China’s BEV sales volume is expected to be approximately five times to 13.7 million units in 2028 from 2021, according to Frost & Sullivan. The premium BEV market is expected to experience even faster growth, almost increasing to more than seven times the volume in 2021 by 2028, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 5.3 million units in sales volume in 2028, representing a CAGR of 18.6% from 2024 to 2028, according to Frost & Sullivan. The company has started to deliver its model in Europe in December 2023. In the future, the company also plans to tap into the robotaxi market in the United States. The COVID-19 pandemic has negatively impacted the company's business operations and financial performance. In particular, the company has experienced occasional delays, interruptions, suspensions, and temporary closures in production, delivery, sales and marketing, research and development efforts, and the supply chain due to travel, workplace, or social restrictions. • Vehicle production in the company's factory was temporarily suspended in early 2022. • In the beginning of 2022, the company temporarily closed the retail stores and delivery centers in Shanghai, Shenzhen, and Xi’an. The company's vehicle delivery, marketing, and the expansion of retail stores had been adversely affected. In January, February, and March 2022, the company's vehicle deliveries were 3,530 units, 2,916 units, and 1,795 units, respectively. • Due to travel difficulties worldwide, the company had to suspend the usual face-to-face interaction and testing with Sweden-based R&D talents in CEVT, which adversely affected the company's R&D efficiency. • In early 2022, the supply of certain raw materials for the company's production and the delivery of certain auto parts experienced fluctuation due to COVID-19. Due to the company's advanced planning and effective supply chain management, the company has not experienced significant disruptions to its supply chain or significant increases in its costs as a result of the COVID-19 pandemic. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future. The COVID-19 pandemic has negatively impacted the company's business operations and financial performance. In particular, the company has experienced occasional delays, interruptions, suspensions, and temporary closures in production, delivery, sales and marketing, research and development efforts, and the supply chain due to travel, workplace, or social restrictions. • Vehicle production in the company's factory was temporarily suspended in early 2022. • In the beginning of 2022, the company temporarily closed the retail stores and delivery centers in Shanghai, Shenzhen, and Xi’an. The company's vehicle delivery, marketing, and the expansion of retail stores had been adversely affected. In January, February, and March 2022, the company's vehicle deliveries were 3,530 units, 2,916 units, and 1,795 units, respectively. • Due to travel difficulties worldwide, the company had to suspend the usual face-to-face interaction and testing with Sweden-based R&D talents in CEVT, which adversely affected the company's R&D efficiency. • In early 2022, the supply of certain raw materials for the company's production and the delivery of certain auto parts experienced fluctuation due to COVID-19. Due to the company's advanced planning and effective supply chain management, the company has not experienced significant disruptions to its supply chain or significant increases in its costs as a result of the COVID-19 pandemic. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain may be affected by COVID-19 and other disease outbreaks and pandemics in the future. ZEEKR 009 is the world’s first premium MPV based on a pure-electric platform, according to Frost & Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and the company expects to start the delivery of ZEEKR 009 to the market in the first quarter of 2023. Going forward, the company plans to capture the extensive potential of the premium battery electric vehicle (BEV) market globally through an expanding portfolio of vehicles. For instance, the company plans to launch SUV and sedan models targeting tech-savvy adults and families in the future. The company and Waymo are collaborating on the development of a purpose-built Transportation as a Service (TaaS) vehicle built on the Sustainable Experience Architecture-Mobility (SEA-M), which will be deployed in the United States over the coming years. SEA-M is an advanced version of SEA that is a high-tech mobility solution to support a range of future mobility products including robotaxis and logistics vehicles, laying a solid and flexible foundation for global autonomous driving technology or ride-sharing companies to develop. Through these future models, the company intends to provide premium mobility solutions of innovation, comfort, and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future. In light of the uncertainties in the global market and economic conditions due to the COVID-19 pandemic, the company will continue to evaluate the nature and extent of the impact of the pandemic on its financial condition and liquidity. See also “Risk Factors — Risks Related to the company's Business and Industry — The COVID-19 outbreak has adversely affected, and may continue to adversely affect, the company's results of operations.” 5. The company notes that it purchases vehicles for resale from Geely Holding at a price made up of the purchase cost of direct materials and a pre-agreed markup. Please describe the manufacturer’s warranty provided by Geely Holding for these vehicles and to what extent the manufacturer’s warranties have an impact on the company's accounting for warranty expenses, if material. In response to the Staff’s comment, the company has revised the disclosure on page 90 of the Revised Draft Registration Statement. The company respectfully advises the Staff that under the cooperation framework agreement between the company and Geely Holding, the company Factory provides an assurance-type product warranty for all product quality problems caused by its manufacturing, with a warranty period no less than what the company offers to its customers. In the event where the product defect is caused by raw material suppliers, the company is entitled to seek damages from the company Factory, which in turn could seek damages from the responsible suppliers. The company further advises the Staff that when estimating warranties, the accrual is established based on estimates of the nature, frequency, and average costs of future claims, net of estimated warranty cost recoveries, to the extent that is estimable and probable. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future. In light of the uncertainties in the global market and economic conditions due to the COVID-19 pandemic, the company will continue to evaluate the nature and extent of the impact of the pandemic on its financial condition and liquidity. See also “Risk Factors — Risks Related to Our Business and Industry — The COVID-19 outbreak has adversely affected, and may continue to adversely affect, the company's results of operations.” The COVID-19 pandemic has negatively impacted the company's business operations and financial performance. In particular, the company has experienced occasional delays, interruptions, suspensions, and temporary closures in production, delivery, sales and marketing, R&D efforts, and the supply chain due to travel, workplace, or social restrictions. • Vehicle production in the company's factory was temporarily suspended in early 2022. • In the beginning of 2022, the company temporarily closed the retail stores and delivery centers in Shanghai, Shenzhen, and Xi’an. The company's vehicle delivery, marketing, and the expansion of retail stores had been adversely affected. In January, February, and March 2022, the company's vehicle deliveries were 3,530 units, 2,916 units, and 1,795 units, respectively. • Due to travel difficulties worldwide, the company had to suspend the usual face-to-face interaction and testing with Sweden-based R&D talents in CEVT, which adversely affected the company's R&D efficiency. • In early 2022, the supply of certain raw materials for the company's production and the delivery of certain auto parts experienced fluctuation due to COVID-19. Due to the company's advanced planning and effective supply chain management, the company has not experienced significant disruptions to its supply chain or significant increases in costs as a result of the COVID-19 pandemic. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future. The COVID-19 pandemic has negatively impacted the company's business operations and financial performance. In particular, the company has experienced occasional delays, interruptions, suspensions, and temporary closures of production, delivery, sales and marketing, R&D efforts, and the supply chain due to travel, workplace, or social restrictions. • Vehicle production in the company's factory was temporarily suspended in early 2022. • In the beginning of 2022, the company temporarily closed the retail stores and delivery centers in Shanghai, Shenzhen, and Xi’an. The company's vehicle delivery, marketing, and the expansion of retail stores had been adversely affected. In January, February, and March 2022, the company's vehicle deliveries were 3,530 units, 2,916 units, and 1,795 units, respectively. • Due to travel difficulties worldwide, the company had to suspend the usual face-to-face interaction and testing with Sweden-based R&D talents in CEVT, which adversely affected the company's R&D efficiency. • In early 2022, the supply of certain raw materials for the company's production and the delivery of certain auto parts experienced fluctuation due to COVID-19. Due to the company's advanced planning and effective supply chain management, the company has not experienced significant disruptions to its supply chain or significant increases in costs as a result of the COVID-19 pandemic. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future.