What is Zeekr's sales performance in 2024?
The following table sets forth a breakdown of the company's revenues, each expressed in the absolute amount and as a percentage of the company's total revenues, for the periods indicated. The company vehicle sales  
Sales of the company batteries and other components  
The company research and development services and other services Revenues increased by 46.9% from RMB51,672.6 million in 2023 to RMB75,912.7 million (US$10,400.0 million) in 2024, which was primarily due to: (i) the company's vehicle sales revenue experienced an increase from RMB33,911.8 million in 2023 to RMB55,315.3 million (US$7,578.2 million) in 2024. The increase in the company's vehicle sales mainly resulted from the increased delivery volume of new products. Compared to 118,685 units of the company vehicles delivered in 2023, the company delivered 222,123 units of the company vehicles in 2024. The increase in the company's vehicle sales revenue was partially offset by the lower average selling price as a result of the changes in product mix and pricing strategy.  
(ii) the company's revenue from sales of batteries and other components grew from RMB14,692.6 million in 2023 to RMB16,793.8 million (US$2,300.7 million) in 2024. The increase was primarily attributed to robust sales volumes in battery and electric drive systems, coupled with a RMB 1,392.5 million (USD 190.8 million) growth in overseas sales of battery components.  
(iii) During the same periods, the revenue generated from the company's research and development services and other services increased from RMB3,068.2 million to RMB3,803.5 million (US$521.1 million). The year-over-year increase was mainly due to the increased sales of vehicle spare parts. In 2024, the company delivered 222,123 vehicles. As of December 31, 2024, the company cumulatively delivered a total of 418,756 vehicles. The following chart summarizes the monthly deliveries of the company's vehicles by the end of February 2025. The company had an unstable and volatile financial performance. The company's total revenue increased significantly by RMB24,240.1 million, or approximately 46.9%, from RMB51,672.6 million in 2023 to RMB75,912.7 million (US$10,400.0 million) in 2024. The increase was primarily due to the increase in (i) vehicle sales of RMB21,403.5 million and (ii) sales of batteries and other components of RMB2,101.2 million. The company's total revenue increased significantly by RMB19,773.2 million, or approximately 62.0%, from RMB31,899.4 million in 2022 to RMB51,672.6 million in 2023. The increase was primarily due to the increase in (i) vehicle sales of RMB14,240.5 million and (ii) sales of batteries and other components of RMB4,374.8 million. However, although the company's revenue from vehicle sales and sales of batteries and other components increased significantly, the company might experience volatility or not be able to maintain a similar increase rate, which could adversely affect the company's financial condition and results of operation. Furthermore, as a result of the corresponding rising cost of revenues and increasing operating expenses, the company's net loss decreased by RMB2,473.5 million, where the company recorded a net loss of RMB5,790.6 million (US$793.3 million) in 2024, compared to a net loss of RMB8,264.2 million in 2023. The company incurred a significant increase of RMB609.1 million in net loss and recorded a net loss of RMB8,264.2 million in 2023, compared to a net loss of RMB7,655.1 million in 2022. The company cannot assure you that the company will achieve profitability in the near future as the company is still at an early stage. [Table Level]
- Table Title: Revenue Breakdown by Operating Activities
- Table Summary: The table provides a detailed breakdown of the company's revenues by operating activities for the years ending December 31, 2022, 2023, and 2024. It distinguishes between vehicle sales, sales of batteries and other components, and research and development services. Each revenue stream is represented in absolute amounts in RMB for all years, and also in USD for the year 2024, alongside their respective percentages of total revenues.
- Context: Prior to the table, there's an explanation that revenues are broken down by nature of operating activities to facilitate understanding of the company's financial performance. The after-table context elaborates on the sources of revenue and main products under each activity.
- Special Notes: Financial figures are in RMB and are also shown in USD for 2024. Percentage columns indicate the proportion of total revenue for each category. Values are in thousands, except percentages.

[Row Level]
Row 1: In 2022, vehicle sales generated revenue of RMB 19,671,247, representing 61.7% of the total revenue. This increased to RMB 33,911,762 in 2023, making up 65.6% of the total revenue, and further to RMB 55,315,306 in 2024, which is 72.9% of the total revenue. In 2024, this equated to USD 7,578,166.

Row 2: Revenues from the sales of batteries and other components were RMB 10,317,822 in 2022, accounting for 32.3% of total revenue. This rose to RMB 14,692,617 in 2023, comprising 28.4% of total revenue, and continued to RMB 16,793,818 in 2024, representing 22.1% of total revenue, equivalent to USD 2,300,744.

Row 3: The company earned RMB 1,910,379 from research and development services and other services in 2022, which was 6.0% of the total revenue. This increased to RMB 3,068,239 in 2023, representing 6.0% of total revenue and further to RMB 3,803,527 in 2024, making up 5.0% of total revenue. The 2024 amount translates to USD 521,081.

Row 4: The total revenue for 2022 was RMB 31,899,448, for 2023 it was RMB 51,672,618, and for 2024 it was RMB 75,912,651, which equals USD 10,399,991. Each year's total revenue is 100.0% of the respective annual revenue. The company officially unveiled and began the delivery of the company 7X, the first pure-electric luxury five-seater SUV, in September 2024. The company 7X is built upon the brand's proven automotive engineering heritage and achieved comprehensive technological advancement through its upgraded SEA Architecture platform. By the end of 2024, the company 7X demonstrated strong competitive performance in the market, achieving cumulative sales of more than 38,000 units within three months of its launch. This sales accomplishment validates the company 7X's position as a category leader in the pure-electric family SUV market.
The company's gross profit increased by 81.7% from RMB6,850.5 million in 2023 to RMB12,447.5 million (US$1,705.3 million) in 2024, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB5,080.2 million in 2023 to RMB8,650.3 million (US$1,185.1 million) in 2024; (ii) an increase in gross profit from sales of batteries and other components from RMB884.5 million in 2023 to RMB2,312.7 million (US$316.8 million) in 2024; and (iii) an increase in gross profit from research and development services from RMB885.8 million in 2023 to RMB1,484.5 million (US$203.4 million) in 2024. The company's gross profit margin increased from 13.3% in 2023 to 16.4% in 2024. The increase was mainly attributable to the slight growth of the company's vehicle sales business, which had a higher gross profit margin at 15.6% in 2024. The gross profit and gross profit margin for the company in 2024 were RMB9,948.7 million (US$1,363.0 million) and 17.0%, respectively, compared with RMB5,791.9 million and 16.3% in 2023. The increase was primarily attributed to (i) the increase in delivery volume of the company's vehicles together with changes in pricing strategy to align with market dynamics and (ii) procurement savings due to the declining average costs in auto parts and other materials. For the Viridi Segment, the company recorded RMB954.2 million and RMB2,386.6 million (US$327.0 million) in gross profit and recorded gross profit margins of 5.2% and 13.3% in 2023 and 2024, respectively. The increase was primarily due to the growth in overseas sales of battery components, which had higher average gross margins. 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'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. 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. 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. 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. 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. For example, the number of research and development projects that reached customer acceptance and payment stage in the first quarter of 2024 was less than that of the fourth quarter of 2023, which is expected to cause a significant quarter-over-quarter decrease in revenue generated from research and development services and other services as well as the gross profit in relation to the company's research and development services and other services in the first quarter of 2024. Besides the company's in-house expertise, the company also relies on certain technologies of its suppliers to enhance the performance of its battery electric vehicles (BEVs). In particular, the company does not manufacture battery cells or semiconductors, which makes the company dependent upon suppliers for the relevant technologies. There can be no assurance that the company will be able to equip its BEVs with the latest technologies. As technologies change, the company plans to upgrade its existing models and introduce new models in order to provide its BEVs with the latest technologies, including battery cells and semiconductors, which could involve substantial costs and lower the company's return on investment for existing models. Even if the company is able to keep pace with changes in technologies and develop new models, its prior models could become obsolete more quickly than expected, potentially reducing the company's return on investment. [Table Level]
- Table Title: Vehicle Delivery Volumes by Month
- Table Summary: This table presents the delivery volumes of vehicles on a monthly basis from January 2024 to February 2025. It highlights the scaling production capability and growing market reach of the brand during this time frame.
- Context: The context before the table emphasizes the company's premium brand image, technological capabilities, and the strategic expansion into the international market, along with insights into the overall delivery achievements up to December 2024. After the table, specific vehicle brands contributing to delivery numbers, including the acquisition of Lynk & Co, are discussed.
- Special Notes: The delivery figure for February 2025 includes 14,039 vehicles and 17,238 Lynk & Co vehicles following the acquisition of Lynk & Co.

[Row Level]
Row 1: In February 2025, the delivery volume was 31,277 units.
Row 2: In January 2025, the delivery volume was 11,942 units.
Row 3: In December 2024, the delivery volume was 27,190 units.
Row 4: In November 2024, the delivery volume was 27,011 units.
Row 5: In October 2024, the delivery volume was 25,049 units.
Row 6: In September 2024, the delivery volume was 21,333 units.
Row 7: In August 2024, the delivery volume was 18,015 units.
Row 8: In July 2024, the delivery volume was 15,655 units.
Row 9: In June 2024, the delivery volume was 20,106 units.
Row 10: In May 2024, the delivery volume was 18,616 units.
Row 11: In April 2024, the delivery volume was 16,089 units.
Row 12: In March 2024, the delivery volume was 13,012 units.
Row 13: In February 2024, the delivery volume was 7,510 units.
Row 14: In January 2024, the delivery volume was 12,537 units. Including 14,039 company brand vehicles and 17,238 Lynk & Co brand vehicles following the completion of the Lynk & Co acquisition in February 2025. [Table Level]
- Table Title: Loss per Share Analysis for the Years Ended December 31, 2022, 2023, and 2024
- Table Summary: This table presents the financial outcomes related to the company's net loss per share for the fiscal years 2022, 2023, and 2024. It details figures for net losses from consolidated entities, net income attributable to non-controlling interests, and the net losses attributable to ordinary shareholders. Additionally, it demonstrates the weighted average number of shares and calculates both basic and diluted net loss per share.
- Context: The context discusses significant financial activities of the Group, including related party transactions and loans, along with their completion and outstanding balances. It also explains the net loss from consolidated entities and provides background on excluded share units and preferred shares affecting net loss per share calculations.
- Special Notes: The amounts are presented in thousands; share data and per share data use specific formatting. The negative values indicate net losses.

[Row Level]
Row 1: In 2022, the net loss from consolidated entities amounted to RMB 7,651,854, which increased to RMB 8,264,191 in 2023, and then decreased to RMB 5,790,649 in 2024.
Row 2: Net income attributable to Ningbo Viridi as a non-controlling interest (NCI) was RMB 278,633 in 2022, then reduced to RMB 82,789 in 2023, and increased significantly to RMB 632,921 in 2024.
Row 3: The net loss attributable to ordinary shareholders of the company was recorded as RMB 7,930,487 in 2022, increased to RMB 8,346,980 in 2023, and reduced to RMB 6,423,570 in 2024.
Row 4: The weighted average number of ordinary shares outstanding, both basic and diluted, remained constant at 2,000,000,000 shares in 2022 and 2023, increasing to 2,353,015,830 shares by 2024.
Row 5: The basic net loss per share attributable to ordinary shareholders of the company was RMB (3.97) in 2022, increased to RMB (4.17) in 2023, and then improved to RMB (2.73) in 2024.
Row 6: Similarly, the diluted net loss per share for ordinary shareholders of the company mirrored the basic calculation: RMB (3.97) in 2022, rising to RMB (4.17) in 2023, and decreasing to RMB (2.73) in 2024. Net loss from consolidated entities represents the net loss generated by each entity acquired as part of the company's Reorganization since the dates of their respective acquisitions. 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 first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium battery electric vehicle (BEV) market in China, according to Frost & Sullivan. [Table Level]
- Table Title: Monthly BEV Delivery Volumes for COMPANY 001
- Table Summary: The table lists the monthly delivery volumes for the COMPANY 001 electric vehicle in units, covering the period from January 2023 to February 2024. It reflects the consistent delivery performance and increasing global aspirations for the company's market expansion.
- Context: The surrounding context discusses the company's focus on the Chinese market with plans for expansion in Europe and the United States, highlighting the company's growth strategy and premium branding of the COMPANY 001 model.
- Special Notes: Delivery volumes are presented in units without additional footnotes. The deliveries reflect a history of rapid growth in the BEV market.

[Row Level]
Row 1: In February 2024, COMPANY 001 reached a delivery volume of 7,510 units.
Row 2: January 2024 saw a delivery volume of 12,537 units for COMPANY 001.
Row 3: December 2023 experienced a delivery volume of 13,476 units, showcasing sustained growth.
Row 4: During November 2023, the delivery volume for COMPANY 001 was noted at 13,104 units.
Row 5: October 2023 marked a delivery volume of 13,077 units for COMPANY 001.
Row 6: In September 2023, COMPANY 001 recorded a delivery volume of 12,053 units.
Row 7: August 2023 had a delivery volume of 12,303 units for the COMPANY 001.
Row 8: July 2023's delivery volume for the COMPANY 001 stood at 12,039 units.
Row 9: June 2023 showed a delivery figure of 10,620 units for COMPANY 001.
Row 10: In May 2023, the delivery volume reached 8,678 units for COMPANY 001.
Row 11: April 2023 accounted for a delivery volume of 8,101 units of COMPANY 001.
Row 12: March 2023 registered a delivery volume of 6,663 units for COMPANY 001.
Row 13: February 2023 documented a delivery volume of 5,455 units for COMPANY 001.
Row 14: January 2023 started with a delivery volume of 3,116 units for COMPANY 001. [Table Level]
- Table Title: Consolidated Balance Sheets as of December 31, 2023 and 2024
- Table Summary: This table presents the consolidated balance sheets for company Intelligent Technology Holding Limited, detailing the accounting figures as of December 31, 2023, and 2024 in RMB, with an additional column converting 2024 figures into USD. It reflects current liabilities and shareholder's deficit with various financial data points compared across the two years.
- Context: The data comes from company's combined and consolidated financial statements, with amounts given in thousands, except for share and per share data. This table is part of a broader financial summary covering multiple years of operation.
- Special Notes: The currency in the table switches from RMB for 2023 and 2024 to USD for 2024, with a note (Note 2(d)) for further clarification.

[Row Level]
Row 1: As of December 31, 2024, company Intelligent Technology Holding Limited had RMB 30,300 and the equivalent of USD 4,151 in this specific financial line item. There is no corresponding figure for December 31, 2023.
Row 2: The line item recorded RMB 4,104,717 for 2023 and slightly decreased to RMB 4,072,312 in 2024. In USD, this amount was 557,904 for 2024.
Row 3: In 2023, company Intelligent Technology Holding Limited reported RMB 5,504,945, which significantly increased to RMB 12,990,599 in 2024. The corresponding amount in USD for 2024 was 1,779,705.
Row 4: For 2023, the account held RMB 16,355,902, whereas in 2024, it reported a decrease to RMB 14,509,628. The USD equivalent for 2024 was 1,987,811.
Row 5: RMB 108,083 was noted in 2023, and this amount reduced to RMB 60,856 in 2024. The equivalent in USD for 2024 was 8,337.
Row 6: As of December 31, 2023, an amount of RMB 6,243,956 was recorded, increasing to RMB 8,478,772 in 2024, with the USD equivalent being 1,161,587.
Row 7: The total for these line items for 2023 was RMB 32,317,603, rising to RMB 40,142,467 in 2024, with the USD figure for 2024 being 5,499,495.
Row 8: There was no figure for 2023, but 2024 recorded RMB 414,180 and USD 56,742 in this line item.
Row 9: The 2023 value was RMB 1,807,159, reduced to RMB 1,491,486 in 2024. This amount in USD for 2024 was 204,333.
Row 10: An amount of RMB 1,100,000 was listed for 2023, with no corresponding 2024 or USD equivalent.
Row 11: The line item read RMB 563,001 in 2023, increasing to RMB 718,164 in 2024, with the USD equivalent being 98,388.
Row 12: In 2023, the figure was RMB 8,337, and it rose to RMB 57,252 in 2024. The USD equivalent was 7,843 for 2024.
Row 13: The total for these line items was RMB 3,478,497 for 2023, decreasing to RMB 2,681,082 in 2024, with the USD for 2024 equating to 367,306.
Row 14: The grand total for all items was RMB 35,796,100 in 2023, increasing to RMB 42,823,549 in 2024, with the USD equivalent for 2024 being 5,866,801. ```
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``` 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. 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. [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 company 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. 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. The company's gross profit from the ZTE segment increased from RMB265.1 million to RMB501.7 million (US$68.7 million), and the gross profit margin increased from 11.7% to 21.3% in 2023 and 2024, respectively. The increase in both gross profit and gross profit margin can be attributed to the increased sales of research and development services to related parties. [Table Level]
- Table Title: company Intelligent Technology Holding Limited Condensed Statements of Operations and Comprehensive Loss
- Table Summary: The table provides a detailed breakdown of the financial performance of company Intelligent Technology Holding Limited for the years ending December 31, 2021, 2022, and 2023, including losses from operations, interest income, income before income tax, and comprehensive loss. Data is presented in thousands, excluding per share data unless noted otherwise.
- Context: Prior to this table, the document indicates there have been no subsequent events requiring changes to the financial statements as of March 20, 2024. Following the table, there are sections on cash flow statements and notes to financial statements which elucidate regulatory compliance and financial disclosure requirements.
- Special Notes: Amounts are in thousands and exclude share and per share data unless noted. Negative values indicate losses or expenses.

[Row Level]
Row 1: For 2021, the general and administrative expenses are not specified; for 2022, they were $1,800 thousand; in 2023 they reached $11,237 thousand, and for 2024 they decreased to $1,583 thousand.
Row 2: In 2021, the loss from operations is not given; estimated at $1,800 thousand in 2022, $11,237 thousand in 2023, and $1,583 thousand in 2024.
Row 3: In 2021, interest income was $2,240 thousand, rising to $6,268 thousand in 2022, $25,513 thousand in 2023, and declining to $3,593 thousand in 2024.
Row 4: Other (expenses) income, net was $(152) thousand in 2021 and changed to $1,826 thousand in 2022, $54,782 thousand in 2023, and $7,716 thousand in 2024.
Row 5: Income before income tax expense in 2021 was $2,088 thousand, increased to $6,294 thousand in 2022, $69,058 thousand in 2023, and further increased to $9,726 thousand in 2024.
Row 6: Equity in loss of subsidiaries was $(4,364,657) thousand for 2021, $(7,940,073) thousand in 2022, $(8,416,038) thousand in 2023, and $(1,185,374) thousand in 2024.
Row 7: Net loss for 2021 was $(4,362,569) thousand, decreased to $(7,933,779) thousand by 2022, $(8,346,980) thousand in 2023, and $(1,175,648) thousand in 2024.
Row 8: Other comprehensive (loss) income, net of tax of nil was $(103,405) thousand in 2021; increased to $14,556 thousand in 2022, $49,765 thousand in 2023, before decreasing to $7,009 thousand in 2024.
Row 9: The foreign currency translation adjustment, net tax of nil in 2021 was $(103,405) thousand; changed to $14,556 thousand in 2022, $49,765 thousand in 2023, and was $7,009 thousand in 2024.
Row 10: Total other comprehensive (loss) income in 2021 was $(103,405) thousand, increasing to $14,556 thousand by 2022, $49,765 thousand in 2023, and down to $7,009 thousand in 2024.
Row 11: Total comprehensive loss in 2021 was $(4,465,974) thousand, changing to $(7,919,223) thousand in 2022, $(8,297,215) thousand in 2023, and reducing to $(1,168,639) thousand in 2024. The company has experienced significant growth since the launch of its model in 2021, and net revenues for vehicle sales increased from RMB1,544.3 million in 2021 to RMB19,671.2 million in 2022, and further increased to RMB33,911.8 million (US\$4,776.4 million) in 2023. The company plans to further grow the business by, among other things, investing in technology, expanding the product portfolio, strengthening brand recognition, expanding the sales and marketing network and service offerings, and entering into overseas markets. Future operating results will depend to a large extent on the company's ability to manage expansion and growth successfully. Risks that the company faces in undertaking this expansion include, among others: • managing a larger organization with a greater number of employees in different divisions;  
• controlling expenses and investments in anticipation of expanded operations;  
• establishing or expanding design, manufacturing, sales, and service facilities;  
• implementing and enhancing administrative infrastructure, systems, and processes; and  
• executing the company's strategies and business initiatives successfully. Any failure to manage the company's growth effectively could materially and adversely affect its business, prospects, results of operations, and financial condition. 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. 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 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 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 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, 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 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 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 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 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 batteries, motors, 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 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 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 company made capital expenditures of RMB919.5 million, RMB1,913.4 million, and RMB1,715.4 million in 2022, 2023, and 2024, respectively. In these periods, the company's capital expenditures were used primarily for property, plant, and equipment, as well as facilities related to sales and marketing activities. Going forward, the company expects to make capital expenditures primarily on properties and manufacturing facilities related to Ningbo Viridi and leasehold improvements for retail stores. Other than what has been included in the capital commitments and contractual obligations discussed below, the company does not expect to incur material costs to accomplish these goals. [Table Level]
- Table Title: Key Features of Vehicle 001 (2024 model)
- Table Summary: The table outlines the key features of the Vehicle 001 (2024 model) across various aspects such as power, performance, connectivity, intelligence, and comfort. Each row addresses a different category, detailing specific attributes and capabilities that contribute to the high-performance and luxury experience of the vehicle.
- Context: The preceding context highlights the 2024 upgrades for the Vehicle 001, emphasizing performance improvements and advanced technological integrations. The following context reaffirms the vehicle's design philosophy, focusing on delivering ultimate performance, comfort, and technological prowess.
- Special Notes: The table features specific units and technical terms, such as power in kilowatts (kW), acceleration in seconds (s), torque in Newton-meters (N·m), and speed in kilometers per hour (km/h). Additionally, footnote (2) refers to the 0-100 km/h acceleration metric, underscoring its significance.

[Row Level]
Row 1: In the Power category, the Vehicle 001 (2024 model) possesses a battery capacity of 100 kWh, offering a CLTC range of 705 km. The Vehicle 001 (2024 model) is powered by a Ternary Lithium Battery and supports ultra-fast charging with an 800V platform.

Row 2: Performance-wise, the Vehicle 001 (2024 model) boasts a maximum power of 580 kW and achieves 0-100 km/h acceleration in 3.3 seconds. The peak torque is 810 N·m, and the Vehicle 001 (2024 model) attains a maximum speed of 240 km/h.

Row 3: In terms of Connectivity, the Vehicle 001 (2024 model) features a frameless automatic power door and is equipped with a 35.5-inch AR HUD. The smart cockpit leverages the 8295 intelligent cockpit platform, and the top audio system is provided by YAMAHA.

Row 4: Under Intelligence, the Vehicle 001 (2024 model) is integrated with a high-performance chip, specifically the 7nm Mobileye EyeQ5H. The domain control platform is Mobileye EVO, which supports LiDAR technology. In-car interaction is facilitated by eye control, and the Vehicle 001 (2024 model) includes autonomous driving capabilities through AD.

Row 5: For Comfort, the Vehicle 001 (2024 model) boasts dual-chamber air suspension. The Smart Magic Carpet feature allows for active adjustment of the air suspension's stiffness. Additionally, the smart canopy provides light sensitivity and area control, while the Healing Mode offers amenities such as ventilation, massage, and auto-adjusted light, smell, and temperature controls. [Table Level]
- Table Title: Key Features of Company 001 (2024 Model)
- Table Summary: The table provides an overview of the key features and specifications for the Company 001 (2024 model) across categories like Power, Performance, Connectivity, Intelligence, and Comfort. It highlights aspects such as battery capacity, driving range, charging platform, performance stats, and advanced technological features that enhance the driving experience and safety.
- Context: The Company 001 (2024 model) is introduced with several upgraded features including a robust 800V high-voltage system, Qualcomm Snapdragon 8295 chip running on Company OS 6.0, and an array of safety and performance technologies. The model is designed to elevate performance, safety, and luxury in mobility.
- Special Notes: The 0-100 km/h acceleration is listed with a notation "(2)", which might refer to additional context or footnotes not visible here.

[Row Level]
Row 1: Under Power, the Company 001 (2024 model) has a Battery Capacity of 100 kWh, a CLTC Range of 705 km, utilizes a Ternary Lithium Battery, and supports Ultra-fast Charging with an 800V Platform.

Row 2: In the Performance category, the Company 001 (2024 model) is equipped with a Max Power of 580 kW, a 0-100 km/h Acceleration time of 3.3 seconds, offers a Peak Torque of 810 N·m, and can achieve a Max Speed of 240 km/h.

Row 3: For Connectivity, the Company 001 (2024 model) features a Frameless Automatic Door with Power Door capabilities, a 35.5-inch AR HUD for advanced display, an 8295 Intelligent Cockpit Platform, and is equipped with a YAMAHA Top Audio System.

Row 4: Within Intelligence, the Company 001 (2024 model) uses a High Performance Chip, specifically the 7nm Mobileye EyeQ5H, is supported by a Mobileye EVO Domain Control Platform with LiDAR support, includes Eye Control for In-car Interaction, and has Company AD for Autonomous Driving.

Row 5: In the Comfort category, the Company 001 (2024 model) is equipped with Dual-Chamber Air Suspension, features Smart Magic Carpet with Active Adjustment of Stiffness of Air Suspension, offers a Smart Canopy with Light Sensitive Control by Area, and a Healing Mode providing Ventilation, Massage, Auto-adjusted Light, Smell and Temperature. This powerful combination ensures exceptional performance, swift charging capabilities, dependable driving range, and superior energy discharge efficiency. The 0-100 km/h acceleration for the four-wheel-drive version of the 2024 model is 3.3 seconds, shaving off 0.5 seconds compared to the former model. In terms of driving safety and reliability, the 2024 model incorporates the latest Mobileye EVO domain control platform, allowing it to offer bolstered performance and heightened system stability. The sophisticated perception algorithm enhances the detection precision of vehicles, pedestrians, and other objects, and it has the unique capability to identify a wide array of non-standard obstacles, positioning the 2024 model at the forefront of vehicular safety and performance technology. Supported by dual chamber air suspension, the 2024 model elevates the in-vehicle experience with its advanced cockpit technology, boasting a 15.05-inch 2.5K OLED central control screen, a 13.02-inch high-definition instrument panel, and an expansive 35.5-inch AR-HUD. The YOU model for the 2024 model is priced at RMB 329 thousand, and the company also offers a range of prices to cater to a wide consumer base. The following diagram illustrates the exterior and interior of the 2024 model. The following diagram illustrates the key features of the 2024 model. The company reports segment information based on the management approach that designates the internal reporting used by management for making decisions and assessing performance as the source of reportable segments. The company organizes its operations into three segments, including Segment A, Segment B, and Segment C. The following table sets forth the segment results of operation for the periods indicated. Please refer to Note 23 to the company's combined and consolidated financial statements included elsewhere in this annual report for more details. Segment A  
Net revenues Vehicle sales Sales of other products and services(1)  
Cost of revenues  
Segment profit  
Number of vehicles delivered  
Segment B  
Net revenues Sales of batteries and other components(2) Research and development services(3)  
Cost of revenues  
Segment profit  
Segment C  
Net revenues(4)  
Cost of revenues  
Segment profit  
(1) Included in revenue recorded by Segment A above, research and development services of RMB53.0 million, nil and RMB530.5 million were provided to Segment B for 2022, 2023 and 2024 respectively, which are eliminated upon consolidation. Sales of other products and services in Segment A consisted of sales of vehicle-related products and services, and provision of research and development services to related parties. (2) Included in revenue recorded by Segment B above, sales of battery packs and components were made to Factory X and Factory Y for the manufacturing of certain models on an OEM basis in the amount of RMB2,402.7 million, RMB2,871.0 million and RMB662.1 million for 2022, 2023 and 2024 respectively. This powerful combination ensures exceptional performance, swift charging capabilities, dependable driving range, and superior energy discharge efficiency. The 0-100 km/h acceleration for the four-wheel-drive version of the 2024 model is 3.3 seconds, shaving off 0.5 seconds compared to the former model. In terms of driving safety and reliability, the 2024 model incorporates the latest Mobileye EVO domain control platform, allowing it to offer bolstered performance and heightened system stability. The sophisticated perception algorithm enhances the detection precision of vehicles, pedestrians, and other objects, and it has the unique capability to identify a wide array of non-standard obstacles, positioning it at the forefront of vehicular safety and performance technology. Supported by dual chamber air suspension, the 2024 model elevates the in-vehicle experience with its advanced cockpit technology, boasting a 15.05-inch 2.5K OLED central control screen, a 13.02-inch high-definition instrument panel, and an expansive 35.5-inch AR-HUD. The YOU model for the 2024 model is priced at RMB 329 thousand, and the company also offers a range of prices to cater to a wide consumer base. The following diagram illustrates the exterior and interior of the 2024 model. The following diagram illustrates the key features of the 2024 model. [Table Level]
- Table Title: Key Features of Vehicle Model (2024 model)
- Table Summary: The table outlines the major specifications and features of the vehicle model (2024 model) across several categories. These include aspects of power, performance, connectivity, intelligence, and comfort, showcasing upgrades in battery capacity, acceleration, cabin technology, and safety systems.
- Context: The vehicle model (2024 model) has been significantly upgraded with a new 800V high-voltage system, an advanced Qualcomm Snapdragon 8295 chip, and a robust Mobileye EVO domain control platform. The vehicle's performance, safety, and comfort have been enhanced with faster acceleration, an advanced AR-HUD, and dual-chamber air suspension.
- Special Notes: Acceleration time is footnoted with a note "(2)" in the table, and original context indicates the importance of this feature as significantly improved over the previous model.

[Row Level]
Row 1: The vehicle model (2024 model) features a robust power system with a battery capacity of 100kWh, a CLTC range of 705km, and is powered by a Ternary Lithium Battery. The vehicle supports ultra-fast charging through an 800V Platform.

Row 2: In terms of performance, the vehicle model (2024 model) achieves a maximum power output of 580kW and can accelerate from 0 to 100 km/h in 3.3 seconds, with a peak torque of 810 N·m and a maximum speed of 240 km/h.

Row 3: For connectivity, the vehicle model (2024 model) is equipped with a frameless automatic power door, a 35.5-inch AR Head-Up Display, the 8295 Intelligent Cockpit Platform, and a top audio system by YAMAHA.

Row 4: The intelligence capabilities of the vehicle model (2024 model) include a high-performance 7nm Mobileye EyeQ5H chip, a domain control platform supporting Mobileye EVO and LiDAR, in-car interaction through eye control, and an autonomous driving system dubbed AD.

Row 5: The comfort of the vehicle model (2024 model) is enhanced by a dual-chamber air suspension, a smart magic carpet with active adjustment of stiffness, a light-sensitive smart canopy controlled by area, and a healing mode that includes ventilation, massage, and auto-adjusted light, smell, and temperature.