Company: ZK
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001410578-25-000390
Chunk: 181

Company: ZEEKR Intelligent Technology Holding Ltd
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 181
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R Segment for 2022, 2023 and 2024, respectively, which are eliminated upon consolidation.
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(4)   Included in revenue recorded by the ZTE Segment above, R&amp;D services of RMB1,509.3 million, RMB1,469.5 million and RMB1,518.9 million were provided to ZEEKR Segment for 2022, 2023 and 2024, respectively, which are eliminated upon consolidation.
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Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Revenues
Revenues increased by 46.9% from RMB51,672.6 million in 2023 to RMB75,912.7 million (US$10,400.0 million) in 2024, which was primarily due to:

(i)   Our vehicle sales revenue experienced an increase from RMB33,911.8 million in 2023 to RMB55,315.3 million (US$7,578.2 million) in 2024. The increase in our vehicle sales mainly resulted from the increased delivery volume of our new products. Compared to 118,685 units of Zeekr vehicles we delivered in 2023, we delivered 222,123 units of Zeekr vehicles in 2024. The increase in our vehicle sales revenue was partially offset by the lower average selling price as a result of the changes in product mix and pricing strategy.
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(ii)   Our revenue from sales of batteries and other components grew from RMB14,692.6 million in 2023 to RMB16,793.8million (US$2,300.7 million) in 2024. The increase was primarily attributed to robust sales volumes in battery and electric drive systems, coupled with a RMB 1,392.5 million (USD 190.8 million) growth in overseas sales of battery components.
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(iii)   During the same periods, the revenue generated from our research and development service and other services increased from RMB3,068.2 million to RMB3,803.5 million (US$521.1 million) The year-over-year increase was mainly due to the increased sales of vehicle spare parts.
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Cost of revenues
From 2023 to 2024, our cost of revenues increased by