Is Zeekr operating under a VIE structure?
The company began as a business unit within Geely Auto in October 2017. The company conducts its business primarily through the following entities: (i) ZEEKR Automobile (Shanghai) Co., Ltd. (“ZEEKR Shanghai”), (ii) ZEEKR Automobile (Ningbo Hangzhou Bay New Zone) Co., Ltd. (“ZEEKR Hangzhou Bay”), (iii) Viridi E-Mobility Technology (Ningbo) Co., Ltd. (“Ningbo Viridi”) and (iv) Zeekr Technology Europe AB (“CEVT”). Under the leadership of our co-founders, Mr. Shufu Li, Mr. Conghui An, Mr. Donghui Li, and Mr. Shengyue Gui, ZEEKR Intelligent Technology was incorporated as an exempted company with limited liability in March 2021 under the law of the Cayman Islands to act as the company's holding company. The company is seeking to list separately from Geely Auto because of its different brand positioning and its operational, management, and financial independence. The company has an equity story built around its premium brand, product portfolio, and future plans that is better served by operating independently and seeking a separate listing, which the company believes will allow it to establish its own profile and attract different investors. In April 2021, ZEEKR Innovation, currently a wholly-owned subsidiary of ZEEKR Intelligent Technology, was incorporated under the laws of the British Virgin Islands. In the same period, ZEEKR Technology, currently a wholly-owned subsidiary of ZEEKR Innovation, was incorporated under the laws of Hong Kong. In April 2021, the company announced the launch of its first BEV model, ZEEKR 001, and started delivery from October 2021. In July 2021, ZEEKR Shanghai acquired a 100% equity interest in ZEEKR Hangzhou Bay from Geely Holding. The company began as a business unit within Geely Auto in October 2017. Under the leadership of co-founders Mr. Shufu Li, Mr. Conghui An, Mr. Donghui Li, and Mr. Shengyue Gui, the company incorporated ZEEKR Intelligent Technology as an exempted company with limited liability in March 2021 under the law of the Cayman Islands to act as its holding company. In April 2021, the company Innovation, currently a wholly-owned subsidiary of ZEEKR Intelligent Technology, was incorporated under the laws of the British Virgin Islands. In the same period, the company Technology, currently a wholly-owned subsidiary of the company Innovation, was incorporated under the laws of Hong Kong. In April 2021, the company announced the launch of its first BEV model, the company 001, and started delivery from October 2021. Subsequently, the company commenced deliveries of various upgraded models, including but not limited to the company 001 FR in October 2023 and upgraded the company 001 in February 2024. In July 2021, ZEEKR Shanghai acquired a 100% equity interest in ZEEKR Hangzhou Bay from Geely Holding. In July 2021, Zhejiang ZEEKR was incorporated in the People's Republic of China and is currently a wholly-owned subsidiary of the company Innovation. In August 2021, the company Innovation acquired a 100% equity interest in ZEEKR Shanghai (99% from Geely Auto and 1% from Geely Holding). In October 2021, the company acquired a 51% equity interest in Ningbo Viridi, which was previously wholly-owned by Geely Holding. In February 2022, the company Innovation acquired a 100% equity interest in the company Tech EU from Geely Holding. The company began as a business unit within Geely Auto in October 2017. The company conducts its business primarily through the following entities: (i) ZEEKR Automobile (Shanghai) Co., Ltd. (“ZEEKR Shanghai”), (ii) ZEEKR Automobile (Ningbo Hangzhou Bay New Zone) Co., Ltd. (“ZEEKR Hangzhou Bay”), (iii) Viridi E-Mobility Technology (Ningbo) Co., Ltd. (“Ningbo Viridi”) and (iv) Zeekr Technology Europe AB (“CEVT”). Under the leadership of our co-founders, Mr. Shufu Li, Mr. Conghui An, Mr. Donghui Li, and Mr. Shengyue Gui, ZEEKR incorporated ZEEKR Intelligent Technology as an exempted company with limited liability in March 2021 under the law of the Cayman Islands to act as its holding company. The company is seeking to list separately from Geely Auto because of its different brand positioning and its operational, management, and financial independence. The company has an equity story built around its premium brand, product portfolio, and future plans that is better served by operating independently and seeking a separate listing, which the company believes will allow it to establish its own profile and attract different investors. In April 2021, ZEEKR Innovation, currently a wholly-owned subsidiary of ZEEKR Intelligent Technology, was incorporated under the laws of the British Virgin Islands. In the same period, ZEEKR Technology, currently a wholly-owned subsidiary of ZEEKR Innovation, was incorporated under the laws of Hong Kong. In April 2021, the company announced the launch of its first BEV model, ZEEKR 001, and started delivery from October 2021. In July 2021, ZEEKR Shanghai acquired 100% equity interest in ZEEKR Hangzhou Bay from Geely Holding. The following diagram illustrates the company's corporate structure, including the company's principal subsidiaries, as of the date of this prospectus. Certain entities that are immaterial to the company's results of operations, business, and financial condition are omitted. (1) CEVT was founded in 2013 in Sweden as an indirect subsidiary of Geely Holding and as an innovation center engaging in the R&D of software systems and modular and virtual engineering for NEV. CEVT offers its services to several auto brands under Geely Holding. In July 2021, the company entered into an acquisition agreement with Zhejiang Geely, a subsidiary of Geely Holding, pursuant to which the company agreed to acquire 100% equity interests in CEVT from Zhejiang Geely. Upon the completion of this acquisition on February 1, 2022, CEVT became the company's wholly-owned subsidiary. CEVT started to generate revenue in July 2013. (2) In July 2021, ZEEKR Shanghai acquired 100% equity interest in ZEEKR Hangzhou Bay from Geely Holding. In August 2021, ZEEKR Shanghai acquired 100% equity interest in ZEEKR Shanghai (99% from Geely Auto and 1% from Geely Holding). (3) Ningbo Viridi was founded in 2017 as an indirect wholly-owned subsidiary of Geely Holding and is engaged in the R&D and production of key NEV components, including electric powertrains and battery packs. In July 2021, company Automobile (Shanghai) Co., Ltd. acquired 100% equity interest in company Automobile (Ningbo Hangzhou Bay New Zone) Co., Ltd. from Geely Holding. In July 2021, company Automobile (Shanghai) Co., Ltd. was incorporated in the PRC, and is currently a wholly-owned subsidiary of company Technology. In August 2021, company Automobile (Shanghai) Co., Ltd. acquired 100% equity interest in company Shanghai (99% from Geely Auto and 1% from Geely Holding). In October 2021, company Automobile (Shanghai) Co., Ltd. acquired 51% equity interest in Ningbo Viridi, which was previously wholly owned by Geely Holding. In February 2022, company Automobile (Shanghai) Co., Ltd. acquired 100% equity interest in CEVT from Geely Holding. company Automobile (Shanghai) Co., Ltd. currently holds 100% equity interest in CEVT through Zhejiang company. In November 2022, company Automobile (Shanghai) Co., Ltd. launched its second BEV model, company 009, and started delivery in January 2023. In April 2023, company Automobile (Shanghai) Co., Ltd. released the company X, its compact SUV model, and began to deliver the company X in June 2023. As of June 30, 2023, cumulatively company Automobile (Shanghai) Co., Ltd. had delivered a total of 120,581 units of company vehicles, which is among the fastest delivery rates in the premium BEV market in China from October 2021 to June 2023, according to Frost & Sullivan. Company Innovation currently holds a 100% equity interest in Company Tech EU through Zhejiang ZEEKR. In November 2022, company launched its second BEV model, company 009, and started delivery in January 2023. Company later launched and started the delivery of company 009 Grand, a luxury version of company 009 featuring enhanced safety, privacy, and intelligence, in May 2024. In April 2023, company launched the company X, its compact SUV model, and began to deliver the company X in June 2023. In January 2024, company started to deliver its first upscale sedan model targeting tech-savvy adults and families. In May 2024, company Innovation completed an initial public offering and was listed on the New York Stock Exchange under the symbol “ZK.” In June 2024, company officially expanded its presence into the Southeast Asia market. In September 2024, company officially unveiled and began the delivery of its premium electric five-seater SUV, the company 7X. In October 2024, company officially launched and commenced deliveries of the company MIX. [Table Level]  
- Table Title: Entities involved in the company's corporate structure  
- Table Summary: The table lists the key entities under the company's corporate structure, detailing their names, places of incorporation, and principal activities. Each entity plays a distinct role in the broader business landscape of electric vehicle production, investment, and technology development.  
- Context: This table is part of the notes to the combined and consolidated financial statements for the company, highlighting the principal activities, history, and restructuring of the group's businesses.  
- Special Notes: The content is drafted as part of financial statement notes, emphasizing the business roles and geographical locations of the listed entities.  

[Row Level]  
Row 1: The company Automobile (Shanghai) Co., Ltd., formerly known as Shanghai Maple Guorun Automobile Company Ltd. ("the company Shanghai"), is incorporated in The People's Republic of China and functions as an investment holding company.  
Row 2: The company Automobile (Ningbo Hangzhou Bay New Zone) Co., Ltd. ("the company Hangzhou Bay") is incorporated in The People's Republic of China and is responsible for managing the production and commercialization of electric vehicles.  
Row 3: Viridi E-Mobility Technology (Ningbo) Co., Ltd. ("Ningbo Viridi") is incorporated in The People's Republic of China and specializes in the production and sales of electric powertrains and battery packs for electric vehicles.  
Row 4: China-Euro Vehicle Technology Aktiebolag ("CEVT") is incorporated in Sweden and is engaged in the provision of research and development services.
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. company 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. 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 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 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 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. 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). 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 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 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). Company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, company has focused on innovation in BEV architecture, hardware, software, and application of new technologies. 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, company is able to rapidly expand even with a limited operating history. 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. Company's current product portfolio primarily includes ZEEKR 001, ZEEKR 009, and ZEEKR X. The current and future BEV models will define company's success. • ZEEKR 001. With an unwavering commitment to its mission, 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 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. Company began the delivery of ZEEKR 001 in October 2021. • ZEEKR 009. 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 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. 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 a 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. The company has delivered a cumulative 86,519 units of its 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 its latest model 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 of the 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. 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 a factory owned and operated by Geely Holding, and Geely Holding was the company's largest supplier for 2022. 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. 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. 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. Together with the company's proprietary advanced battery solutions and highly efficient electric drive system, the extended range version of the ZEEKR 009 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 ZEEKR Centers, 195 ZEEKR Spaces, 26 ZEEKR Delivery Centers, and 24 ZEEKR 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. 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. 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 2.84 seconds 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 mobility lifestyle. The widely compatible SEA enables robust R&D 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 Model 009 with CATL’s latest Qilin battery, making Model 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, Model 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, 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 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 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, 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. 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, 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 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 nine months ended September 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 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 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 its business development and global expansion. For example, the company collaborates with Mobileye, a subsidiary of Intel and one of its 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. 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 and RMB19,671.2 million (US$2,696.2 million) in 2021 and 2022, and RMB10,820.2 million and RMB23,319.1 million (US$3,196.2 million) in the nine months ended September 30, 2022 and 2023, respectively, with a gross profit margin of $1.8\%$, $4.7\%$, $4.6\%$ and $14.8\%$, 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$4,372.2 million) in 2021 and 2022, and RMB18,467.5 million and RMB35,314.7 million (US$4,840.3 million) in the nine months ended September 30, 2022 and 2023, respectively, with a gross profit margin of $15.9\%$, $7.7\%$, $8.4\%$ and $12.8\%$, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,049.2 million) in 2021 and 2022, and RMB5,317.2 million and RMB5,326.3 million (US$730.0 million) in the nine months ended September 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. In November 2023, the company also launched its first upscale sedan model targeting tech-savvy adults and families. Powered by 800 V architecture and a multi-link suspension structure, the company's upscale sedan model is expected to achieve a 2.84 s 0 to 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 next-generation 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 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 NEV models and premium 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 October 31, 2023, In July 2021, company Shanghai was incorporated in the People's Republic of China and is currently a wholly-owned subsidiary of company Technology. In August 2021, company Innovation acquired a 100% equity interest in company Shanghai (99% from Geely Auto and 1% from Geely Holding). In October 2021, company Innovation acquired a 51% equity interest in Ningbo Viridi, which was previously wholly owned by Geely Holding. In February 2022, company Innovation acquired a 100% equity interest in CEVT from Geely Holding. company Innovation currently holds a 100% equity interest in CEVT through Zhejiang company. In November 2022, company Innovation launched its second BEV model, company 009, and started delivery in January 2023. In April 2023, company Innovation released the company X, its compact SUV model, and began to deliver the company X in June 2023. In October 2023, company Innovation released the company 001 FR, and company Innovation started to deliver the company 001 FR in November 2023. In January 2024, company Innovation started to deliver its first upscale sedan model targeting tech-savvy adults and families. In February 2024, company Innovation released an upgraded model of the company 001, or company 001 (2024 model), and started vehicle delivery in March 2024. In April 2024, company Innovation launched the company 009 Grand, a luxury version of the company 009 featuring enhanced safety, privacy, and intelligence. In April 2024, company Innovation released the company MIX, its MPV model. In July 2021, the company entered into a share purchase agreement with Ningbo Viridi and Zhejiang Jichuang Industrial Development Co., Ltd., pursuant to which the company agreed to purchase a 51% equity interest in Ningbo Viridi. In October 2021, the acquisition was completed. Currently, Ningbo Viridi is owned as to 51% by the company and 49% by Geely Holding. Ningbo Viridi started to generate revenue in March 2019. 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 its 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 of the 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. 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's 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 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 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. In October 2022, the company delivered 10,119 units of ZEEKR 001 to the market, making ZEEKR 001 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. 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 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 its latest model with CATL’s latest Qilin battery, making it 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 extended range version of its latest model 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. In 2021, in an effort to establish an independent Battery Electric Vehicles (BEV) business to obtain investment from outside investors and in preparation for an overseas listing, Zhejiang Geely Holding Group Co., Ltd. (“Geely Holding”), the controlling shareholder of Geely Automobile Holdings Limited (‘‘Geely Auto’’), undertook a series of contemplated reorganizations (the “Reorganization”). The main purpose of the Reorganization is to establish company Intelligent Technology Holding Limited as the overseas holding company for the above BEV-related businesses that were originally operated within Geely Holding and Geely Auto. Subsequent to the establishment of company Intelligent Technology Holding Limited in March 2021, the above businesses were transferred to company Intelligent Technology Holding Limited by Geely Holding and Geely Auto as part of the Reorganization. As these entities being transferred are all under the common control of Geely Holding, these transfers were accounted for as a restructuring of entities under common control as follows: • In July 2021, company Intelligent Technology Holding Limited established Zhejiang company Intelligent Technology Co., Ltd. (“Zhejiang company”) in the People’s Republic of China (“PRC”), a wholly-owned subsidiary. • In July 2021, company Shanghai, a subsidiary of Geely Automobile Holdings Limited, acquired 100% equity interest in company Hangzhou Bay from Geely Holding for a cash consideration of RMB485.3 million. The net book value of company Hangzhou Bay at the time of acquisition was RMB500 million. The corresponding difference between acquisition consideration paid and the entity’s net book value of RMB14,671 was recognized in additional paid-in capital. • In August 2021, the Group, through Zhejiang ZEEKR, acquired 100% equity interest in ZEEKR Shanghai (99% from Geely Automobile Holdings Limited and 1% from Geely Holding) for a cash consideration of RMB980.4 million. The net book value of ZEEKR Shanghai was RMB970.4 million at the time of acquisition. The corresponding difference between acquisition consideration paid and the entity’s net book value of RMB10,032 loss was recognized in additional paid-in capital. In July 2021, the company was incorporated in the People's Republic of China, and is currently a wholly-owned subsidiary of the company's technology division. In August 2021, the company's innovation arm acquired 100% equity interest in the company's Shanghai branch (99% from Geely Auto and 1% from Geely Holding). In October 2021, the company acquired a 51% equity interest in Ningbo Viridi, which was previously wholly owned by Geely Holding. In February 2022, the company acquired 100% equity interest in CEVT from Geely Holding. The company currently holds 100% equity interest in CEVT through its Zhejiang branch. In November 2022, the company launched its second BEV model, the 009, and started delivery in January 2023. In April 2023, the company released the X, its compact SUV model, and began to deliver the X in June 2023. In October 2023, the company released the 001 FR, and the company started to deliver the 001 FR in November 2023. In January 2024, the company started to deliver its first upscale sedan model targeting tech-savvy adults and families. In February 2024, the company released an upgraded model of the 001, or the 001 (2024 model), and started vehicle delivery in March 2024. In April 2024, the company launched the 009 Grand, a luxury version of the 009 featuring enhanced safety, privacy, and intelligence. In April 2024, the company released the MIX, its MPV model. In July 2021, the company was incorporated in the PRC, and is currently a wholly-owned subsidiary of the company Technology. In August 2021, the company acquired a 100% equity interest in the company Shanghai (99% from Geely Auto and 1% from Geely Holding). In October 2021, the company acquired a 51% equity interest in Ningbo Viridi, which was previously wholly owned by Geely Holding. In February 2022, the company acquired a 100% equity interest in CEVT from Geely Holding. The company currently holds a 100% equity interest in CEVT through Zhejiang the company. In November 2022, the company launched its second BEV model, the company 009, and started delivery in January 2023. In April 2023, the company released the company X, its compact SUV model, and began to deliver the company X in June 2023. As of June 30, 2023, cumulatively the company had delivered a total of 120,581 units of the company vehicles, which is among the fastest delivery rates in the premium BEV market in China from October 2021 to June 2023, according to Frost & Sullivan. company Intelligent Technology is a holding company with no operations of its own. company Intelligent Technology conducts its business operations through its subsidiaries, including its subsidiaries in China. Under this holding company structure, investors in the American Depositary Shares (ADSs) are purchasing equity interests in the Cayman Islands holding company and obtaining indirect ownership interests in the operating companies in China. This holding company structure involves unique risks to investors, and investors may never hold equity interests in the operating companies in China. While company Intelligent Technology does not operate in an industry that is currently subject to foreign ownership limitations in China, People's Republic of China (PRC) regulatory authorities could decide to limit foreign ownership in this industry in the future, in which case there could be a risk that company Intelligent Technology would be unable to do business in China as currently structured. If the PRC government deems that any of the business operations carried out by company's Hong Kong or PRC subsidiaries were to be restricted or prohibited from foreign investment in the future, company Intelligent Technology may be required to stop its business operations in China, and company Intelligent Technology could be subject to material penalties or be forced to relinquish its interests in the affected operations. Such events could result in a material change in company Intelligent Technology's operations and a material change in the value of its securities, including causing the value of such securities to significantly decline or become worthless. [Table Level]  
- Table Title: Entities and Their Principal Activities Under company  
- Table Summary: This table lists the entities under company Intelligent Technology Holding Limited and provides detailed information on their places of incorporation and principal activities. It highlights the various functions these entities perform within company's organizational structure in different geographic regions.  
- Context: The context before the table introduces company Intelligent Technology Holding Limited as a company involved in electric vehicle commercialization, indicating a backdrop of restructuring in preparation for overseas listing. After the table, the discussion continues about company’s establishment and reorganization under Geely Holding.  
- Special Notes: The table identifies four entities and uses consistent headings to describe names, places of incorporation, and principal activities, enhancing clarity concerning company's organizational structure.  

[Row Level]  
Row 1: company Automobile (Shanghai) Co., Ltd., previously known as Shanghai Maple Guorun Automobile Company Ltd. (referred to as "company Shanghai"), is incorporated in the People's Republic of China, focusing on serving as an investment holding company.  
Row 2: company Automobile (Ningbo Hangzhou Bay New Zone) Co., Ltd. (known as "company Hangzhou Bay") operates in the People's Republic of China, where it manages the production and commercialization of electric vehicles.  
Row 3: Viridi E-Mobility Technology (Ningbo) Co., Ltd. (termed "Ningbo Viridi") is based in the People's Republic of China, engaging in the production and sales of electric powertrains and battery packs specifically for electric vehicles.  
Row 4: China-Euro Vehicle Technology Aktiebolag (abbreviated as "CEVT") operates out of Sweden, focusing on providing research and development services. For a detailed discussion of the associated risks, see “Prospectus Summary — Holding Company Structure” and “Prospectus Summary — Certain Risks Associated with Our Corporate Structure.” Throughout this prospectus, unless the context indicates otherwise, “ZEEKR Intelligent Technology” refers to ZEEKR Intelligent Technology Holding Limited, the holding company, and “ZEEKR Intelligent Technology Holding Limited,” “ZEEKR Intelligent Technology,” or “the company” refer to ZEEKR Intelligent Technology Holding Limited and its subsidiaries as a group. ZEEKR Intelligent Technology Holding Limited is an “emerging growth company” and a “foreign private issuer” under applicable U.S. federal securities laws and is eligible for reduced public company reporting requirements. See “Prospectus Summary — Implications of Being an Emerging Growth Company” and “Prospectus Summary — Implication of Being a Foreign Private Issuer” for details. ZEEKR Intelligent Technology Holding Limited faces various legal and operational risks and uncertainties as a company based in and primarily operating in China. Changes in China’s economic, political, or social conditions or government policies could have a material adverse effect on ZEEKR Intelligent Technology Holding Limited's business and operations. ZEEKR Intelligent Technology Holding Limited could be adversely affected by uncertainties with respect to the Chinese legal system. Rules and regulations in China can change quickly with little advance notice. In addition, the interpretation and enforcement of Chinese laws and regulations involve additional uncertainties. ZEEA 2.0 is constructed upon FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance the vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced electrical and electronic architecture to be adopted in the company's future battery electric vehicle models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units. The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS. ZEEA 2.0 is constructed upon FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance the vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced E/E Architecture to be adopted in the company's future battery electric vehicle (BEV) models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units (DCUs). The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS. ZEEA 2.0 is constructed upon FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance its vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced E/E Architecture to be adopted in the company's future battery electric vehicle (BEV) models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units (DCUs). The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS. ZEEA 2.0 is constructed upon the FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with the CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance its vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced E/E Architecture to be adopted in the company's future battery electric vehicle (BEV) models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units (DCUs). The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS. ZEEA 2.0 is constructed upon the FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with the CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance its vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced electrical and electronic architecture to be adopted in the company's future battery electric vehicle models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units. The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS. ZEEA 2.0 is constructed upon the FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with the CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance the vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced electrical and electronic (E/E) Architecture to be adopted in the company's future battery electric vehicle (BEV) models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units (DCUs). The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS. ZEEA 2.0 is constructed upon FlexRay standard and Hundred Meg Ethernet, or HME, which is one of the leading underlying structures compared with CAN FD protocol and Fast Ethernet used by most of the company's peers, according to Frost & Sullivan. This underpinning structure delivers a number of advantages to the company's ZEEA 2.0, such as convenient API-enabled upgrades and the ability to concurrently develop multiple BEV models. The company's ZEEA 2.0 allows the company to enhance its vehicles’ performance in an easy and efficient manner via FOTA. For the company's advanced FOTA capabilities, see “— Firmware Over-the-Air”. The company's ZEEA 2.0 is widely recognized across the industry. The company has received certificates from SGS in Europe and from UL in the United States, both of which are world-renowned testing institutions, to prove that the company's ZEEA 2.0 has qualified for ISO26262 standard in safety integrity level. In the future, the company plans to launch ZEEA 3.0, a highly integrated and enhanced electrical and electronic (E/E) architecture to be adopted in the company's future battery electric vehicle (BEV) models that enables streamlined and efficient vehicle control via the combination of centralized computation and Domain Control Units (DCUs). The company expects that ZEEA 3.0 will continue to use the company's proprietary technology stacks and the company's self-developed operating system, ZEEKR OS.