ZEEKR Intelligent Technology Q1 2024 Earnings Call Transcript

Quartr
Provided by Quartr
June 11, 2024

There are 5 speakers on the call.

Operator

Hello, ladies and gentlemen. Thank you for standing by for Zeekr's First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr.

Operator

Wang Jing, the CFO of Zigger. Please go ahead.

Speaker 1

Thank you, Jason. Good evening and good morning everyone. Welcome to Zigger's Q1 2022 earnings conference call. Before we continue, please be reminded that today's discussion will contain forward looking statements made under the Safe Harbor provisions of the U. S.

Speaker 1

Private Securities Litigation Reform Act of 1995. Forward looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain company filings with the U. S.

Speaker 1

Securities and Exchange Commission. The company does not take any obligation to update any forward looking statements, except as required under applicable law. Joining us today from Zika Senior Management are Mr. Anton Hui, Co Founder and CEO and I am Jing Ren, CFO of the company. Our CEO will make his remarks in Chinese followed by an English translation.

Speaker 1

With that, I will now turn the call over to our CEO, Mr. Han. Please.

Speaker 2

Hello, everyone. I am Andy Ahn, the CEO of Zika. Thank you all for joining Zika's first earnings call as a public company. In the Q1 of 2024, Zika delivered 33,059 intelligent electric vehicles, representing a 117 percent year on year increase. This doubling of sales made this quarter our best Q1 since our first delivery and secured ZK's position as the top selling BEV brand in China for vehicles priced above RMB 200,000.

Speaker 2

In April May 2024, we delivered 16,089 and 18,616 vehicles, respectively, bringing our total cumulative deliveries to over 260,000 units With the production capacity ramp up for our latest models, including the Zika-one twenty twenty four model year and the Zika-seven, we are confident of maintaining strong growth momentum in our delivery volume for the remainder of this year. Consequently, we will accelerate our progress towards our full year target of 230,000 vehicles deliveries. Now I would like to share some details of Zika's recent achievements and our plans across 5 areas: process lineup, intelligence advancements, charging solutions, channel service capabilities and global expansion. Let's start with the latest additions to our product lineup. We launched our Zixa-one twenty twenty four model year in February this year, boasting over 1,000 upgrades, including numerous industry leading performance and functionality enhancements.

Speaker 2

The Zika 1 2024 model year features an 800 volt ultrafast charging system, the 8,295 intelligent copier platform, multiple speakers, lighters and much more, establishing the next generation of pure electric shooting brakes with outstanding innovation. Following its initial production ramp up, monthly deliveries of the ZK-twenty 24 model year surpassed 10,000 in both April May, maintaining its position as the best selling pure electric vehicle priced above RMB 250,000 and setting new gold sales records for global shooting brakes. On April 19, we unveiled the Zika-nine grant, our deluxe version of the Zika-nine and commenced deliveries on May 24. The ZK-nine Grand is the world's only 4 seater MPV equipped with LIDAR. It redefines the ultra luxury in the new energy vehicles era with a series of globally pioneering safety innovations and top tier luxury amenities, setting a new standard for the ultimate mobility life experience.

Speaker 2

At the Beijing Auto Show this April, we introduced the Zika MiX, our first product for family users and the largest 5 seater model in its class. The Zika MiX is also our first model built on our SEAAM architecture, a groundbreaking platform specifically tailored to meet autonomous driving and the future intelligent mobility demand, Positioned as an intelligent living room on wheels, Zika mix features a series of innovative technologies that redefine traditional special concepts and empower a wide range of cockpit scenario models. We began delivering ZCL seven, a smart electric sedan on January 1 this year. We launched an updated 2024 version 3 months later, posting rear wheel drive and an area of extra features to further boost with the model's market competitiveness. Its recent performance at the Zhejiang International Circuit secured its position as the fastest mass produced model priced under RMB 500,000.

Speaker 2

In the second half of this year, we will launch 2 new models. We will officially debut the ZK mix and the new mid range pure electric SUV in the second half of this year. These vehicles will expand ZK's product lineup to 6 models, establishing benchmark products across market segments, including sedans, compact SUVs and large NPVs. Next, our accomplishments in the intelligentization. It remains committed to advancing intelligent technologies through both in house development and collaborative innovation, propelling a synergistic growth in the technology driven solutions, autonomous driving and the smart cockpit.

Speaker 2

The Zika-one twenty twenty four model year is a prime example of our technology driven approach equipped with the cutting edge features such as CCD, electro magnetic band dampers, dual chamber air suspension and the intelligent magic cockpit system, the Zika 1 twenty twenty four model year delivers an ultimate driving experience. Because self developed autonomous driving solutions prioritize high frequency user scenarios like highway navigation and parking, further solidifying our industry leading position. With the launch of ZCL007OS6.1 on May 15, we were proud to introduce the industry's first automatic parking functionality for mechanical parking spaces in mass produced vehicles. In terms of smart corporates, Zika has adopted an extremely intelligent and open minded development philosophy. Harnessing our very powerful computing capabilities, we continue to push boundaries with innovation across sound system, AI large language model interactions and open ecosystem.

Speaker 2

Our Zika-nine grant the 1st mass produced vehicle to feature a dual 8,295 chip computing platform highlights our dedication to pioneering technology. This cutting edge setup provides independent computing power support for the front and the rear cabins, ensuring industry leading performance in cabin system responsiveness, graphic and video processing capabilities and AI large language model computation. Thirdly, our charging

Speaker 1

network.

Speaker 2

Charging technology. We have pioneered a 3 pronged 800 volt ultrafast charging ecosystem comprised of our vehicles equipped with an 800 volt electrical system, 800 volt batteries and a 800 volt charging network. Notably, ZK is world's first award top manufacturer of mass produced 800 volt vehicles, including the Zika 1 20 24 model year, Zika 1FR, Zika 9 grant and Zika 7. In April this year, we proudly unveiled the world's first 800 kilowatt V3 Ultrafast Charging Station. This state of the art facility boasts 8 industry leading V3 ultrafast charging powers, each capable of reaching peak power of 800 kilowatts, Actual tests on the Zika 1 20 24 model year demonstrated remarkable efficiency with the state of charge increasing from 10% to 80% in just 11 minutes and 28 seconds.

Speaker 2

By the end of May, Zika owned 10 70 6 self built charging stations, including 4 87 ultrafast charging stations and a total of 2,615 charging piles. We own the largest number of 800 volts ultrafast charging piles in the industry. Furthermore, Zika's app, Zika Absa Charging Max seamlessly integrates high quality third party charging network, expanding our coverage to over 340 cities and over 7 190,000 charging piles. We are currently accelerating our 1,000 stations, 10,000 piles plan and expect to expand our network to 1,000 ultrafast charging stations by the end of 2024 and a total of 10,000 ultrafast charging powers by 2026. 4th, our channel service capabilities.

Speaker 2

By the end of this May, Zika has established more than 392 Zika retail stores worldwide, including 380 in China. Notably, we currently have 64 Zika houses offering 1 stop experiences ranging from test driving, sales, delivery and after sales services. It's a strategic move that will significantly bolster our brand influence and enhance our delivery and after sales service capabilities. Zika Health significantly leverages Zika's synergy strengths and its advantages in traditional vehicle sales network, empowering us to provide our customers with a seamless and superior one stop experience. This approach has garnered widespread acclaim in the market and high level of customer satisfaction.

Speaker 2

As we progress through the remainder of this year, we will deepen our diversified channels expansion efforts with a particular emphasis on expanding the reach of Zika space in Tier 3 and Tier 4 cities. This would amplify our presence across different market segments, unlocking greater growth potential and helping us realize our full year sales goal. Last but not least, global expansion. By the end of this May, we have established a presence in over 20 countries and regions, including the Netherlands, Sweden, Thailand, the UAE and Saudi Arabia, Both the Zika 1 and Zika X have commenced deliveries in Europe. Furthermore, we plan to introduce right hand drive versions of ZEICR009 and ZEICRX in markets like Singapore and Hong Kong, China in the Q3 of this year, marking our entry into the global By the end of this year, we plan to enter the luxury market of 6 to 8 European countries as well as the markets in Southeast Asia, the Middle East, Latin America and Australia, expanding our footprint to a total of 50 countries and regions worldwide.

Speaker 2

In short, the aforementioned achievements have bolstered our overall competitiveness, propelling our sustainable long term growth and progress with the strategic advantages and synergies we derive from our parent company, the Jilly Group, Zika is well positioned to effectively navigate the global landscape and address market challenges. We remain committed to pioneering cutting electric vehicle technologies and driving products in product innovation, further solidifying our industry leadership. With that, I would hand over the call to our CFO, Mr. Yuan Jin, to review our Q1 financials results details. Thank you.

Speaker 1

Thank you, Kishan. Hello, everyone. Now I will go through our key financial results for the Q1 of 2020 24. Due to time constraints, I will address our financial highlights here and I will encourage you to refer to our earnings release for further detail. Our total revenues were RMB14736.8 million or 2,000 $41,000,000 in the Q4 of 2024, representing an increase of 71% for the Q1 of 2023 and a decrease of 9.9% from the Q4 of 2023.

Speaker 1

Our total revenues are comprised of 3 parts: vehicle sales, sales of batteries and other components and sales of R and D services and other services. Revenues from vehicle sales were RMB8174.1 million or US1132 million dollars for the Q4 of 2024, representing an increase of 73% for the same period of 2023 and a decrease of 22.8% for the Q4 of 2023. The year on year increase was due to increased sales volume of Zika vehicles. The Q on Q decrease was due to seasonality that impact our delivery volumes as well as a lower average selling price, primarily caused by the change in our product mix. Revenue from sales of batteries and other components were RMB6318.5 million or US875.1 million dollars for the Q1 of 2023 2024, representing an increase of 82% for the same period of 2023 and an increase of 56.5% for the Q4 of 2023.

Speaker 1

The year on year and quarter on quarter increase were mainly attributable to the increased sales volumes of battery packs and electric drivers as well as the growth of battery components overseas. Revenues from research and development service and public services were RMB244.1 million or US33.8 million dollars for the Q4 of 2024, down by 42.4 percent for the same period of 2023, a decrease of 85.9% for the Q4 of 2023. The year on year and quarter on quarter decreases were mainly due to the decreased sales of research and development services and outs licensed technologies to related parties. Gross margin overall were 11.8% for the Q1 of 2024 compared with 7.9% for the same period of 2023 and 14.2% for the Q1 of 2023.

Speaker 2

The year on

Speaker 1

year increase was mainly attributable to the increase in vehicle margin. The quarter on quarter decrease was mainly due to decrease in vehicle margins as well as increasing the percentage of revenue from sales of batteries and other components, which had a lower gross margin than vehicle sales. If you look at my vehicle sales, vehicle margin was 14% for the Q4 of 2024, compared with 10.1% for the same period of 2023 and 15.3% for the Q4 of 2023. The year on year increase was primarily attributable to the prevailing saving as cost of lost parts and material decreased. The quarter on quarter decrease was mainly due to the delivery of new vehicles, models as well as change in the product mix.

Speaker 1

R and D expenses were RMB1925.3 million or US266.6 million dollars for the Q1 of 2024, representing an increase of $6,700,000 for the same period of 2023 and a decrease of 39.1 percent for the Q4 of 2023. The year over year increase was attributable to increase employee compensation as a result of a growing number of staff as well as increased expenses to support our expanding product portfolios and intelligent technologies. The quarter on quarter decrease reflected fluctuations due to different design at the development stage of our new products and technologies. SG and A expenses were RMB1951.5 million or US270.3

Speaker 2

million dollars for

Speaker 1

the Q4 of 2024, representing an increase of 51.9 percent for the same period of 2023 and a decrease of 11.6% for the Q4 of 2023. The year on year increase was due to increased employee compensation as a result of a growing number of staffs as well as increased marketing and commercial activities for Zika vehicles in China and overseas and the increase in rental and related expenses due to expansion of my offline channel. The quarter over quarter decrease was mainly due to decreased marketing and promotional activities. Loss from operations were RMB2,086.9 million or US289 million dollars for the Q4 of 2024, representing a decrease of 11.2% for the same period of 2023 and a decrease of 29.3 percent for the Q4 of 2023. Net loss of RMB220 2,100,000 or US280.1 million dollars for the Q4 of 2024, representing a decrease of 18% for the same period of 2023 and a decrease of 31.2% for the Q4 of 2023.

Speaker 1

Our balance of cash and cash equivalents and restricted cash were RMB 3791.1 million or US525.1 million dollars as of March 31, 2024. So that concludes our prepared remarks. Jason, I will now turn the call to you to start our Q and A session.

Operator

Thank you. We will now begin the question and answer session. And our first question comes from Tina Huo from Goldman Sachs. Please go ahead.

Speaker 3

Strong results after the Q1 after our IPO. So my first question is regarding our sales policy. Obviously, we see that in the 1st 5 months, because volume delivery has been climbing month after month. But recently, we've been hearing from some channels that recent order momentum seems to be slowing down a little. So wondering what would be our sales policy into the second half of this year in order to maintain or reach our average 23,000 units per month annual target?

Speaker 3

Thanks.

Speaker 1

Thank you, Gina. This is Jin and I will answer the first question. So if you look at the numbers, you probably recall that we launched our 707 in December last year and start delivering them on the 1st day of January. And we launched all new double 1 on the 27th February and delivered them on the 1st day of March. So as you can see, the 2 new vehicles did indeed contribute a lot in terms of the overall order momentum for my vehicles.

Speaker 1

If you look at my pipeline, we will continue to introduce more and more vehicles in the coming months. We have already announced the 909 Grand version on the 19th April and started delivering them a few weeks ago and also cigarettes. We have announced them in Beijing Auto Show. And in the next few months, we will continue to launch, say for example, all new double ones and we start delivering the mix and we'll have this mid to large SUV that's going to be our key volume contributor in second half and as well as next year. So when it comes to new products, we do think we have a very strong product portfolio to sustain this kind of order momentum.

Speaker 1

And in addition to that, you probably realize that we've been we will be continuing push our international expansion by signing up more and more dealers in the global international market. You probably saw in the news that we have signed up dealers in Mexico and rest of the world quite aggressively. And by end of this year, we hope we're going to sign up more than 58 to sign up dealers covering more than 58 countries and regions. So export is also going to be one of the contributors for me to reach my overall sales for this year.

Speaker 2

And one more point from Andy. We are celebrating our channel expansion in the Tier 3 to Tier 4 cities to in order to expand our presence in more segments that would be helpful to our future order intake.

Speaker 3

Thank you. Thank you very much, management. So my second question is regarding operating expenses. So first of all, in terms of SG and A, just wondering how many stores are we planning to add in total for 2024? And then the second question regarding R and D expenses.

Speaker 3

So what kind of sustainable level do you see the R and D expenses at in the mid to longer term in order to maintain our technology competitiveness in the industry, especially given nowadays more and more R and Ds are going into software development? Thank you.

Speaker 1

Thank you, Tina. So as you probably see, by end of 2023, so last year, we have set up sorry, 342 customer touch points, including Zigger Center, Zigger Spaces, Zigger Houses, Zigger Homes and Delivery Centers. By end of this year, we're looking at more than 520. So we will probably not increase the number of Zika centers because we have seen we think we have pretty much covered all Tier 1 cities in China. But we're going to expand to, as Andy just mentioned, more Tier 3, Tier 4 cities.

Speaker 1

We're going to further improve the efficiencies of my old Zika spaces as I have more and more vehicle lineup. I have more and more brand influences, so I can probably get a better place in shopping malls and other places. And I will expand the number of bigger homes. That is my channel expansion plan for this year. As you mentioned for the R and D, last year my R and D is around RMB8 1,000,000,000.

Speaker 1

So in this year, we would increase the R and D spending. And as you mentioned, some of the R and D spending will go through software development, especially if you think if you take into consideration my ADAS advancement as well as the SmartCockpit full stack full in house stack self development. But also if you look at my new vehicles, you probably see from your last question, yes, we're going to introduce a fairly large number of new vehicles in a very short timeframe. So we'll spend a little bit more on that as well. Overall, we'll be looking at around RMB10 1,000,000,000 R and D expenses for this year.

Speaker 1

But obviously, the exact number is still being we're still looking very, very closely, let me put it that way, as how we spend this amount and whether we can be more efficient in terms of especially vehicle development and software development.

Speaker 3

Thank you.

Speaker 1

Thank you. Operator, let's go the next question.

Operator

Next question comes from Tim Hisao from Morgan Stanley. Please go ahead.

Speaker 4

I have two questions. Both are related to the product. The first question is about PHEV because we noticed that the demand of PHEV in China surprised on the upside over the past few quarters. With Zickers at a certain point of time consider to really enrich its product portfolio by adding PHEV or other type of powertrain on top of the current pure EV offering? If so, how will Zieker clearly differentiate the product position of its PHEV or BEV from existing product in the market and to effectively differentiate frontiers or sister companies in the group?

Speaker 4

That's my first question.

Speaker 1

Thank you. Thank you, Tim, very much. So to answer your first question, firstly, at Zika, at this moment, we continue to focus very precisely into premium battery powered electronic vehicles. We do think there's a very large untapped market, very large untapped customer demand with regarding to premium BEVs. If you look at some of my competitors, say Mercedes C Class, BMW Series, Audi A 4, they continue to sell tens of thousands of vehicles a month.

Speaker 1

And those markets we do think can be obtained by brands like us. In addition to that, if you look at not only Zika, but GD Group Holding Group as a whole, you probably realize that within the whole GD Group, we do have power trends of different variants. And we do have the technology in terms of how to leverage them and provide with our customers different types of traffic trends. But as I mentioned in the very beginning, at this moment, we're continuing to focus on BEVs and we want to get 100% comfortable with our position in the BEV sector, 100% comfortable with leading positions before we think about other options.

Speaker 4

My second question is about new models, because according to the management, Vika will launch the midsize SUV by end of this year. What's management's expectation for the scale of multi sales and the margin of this the first SUV model versus the existing W01 and W07. Despite a more sizable addressable user base, SUV market has been pretty crowded in China. So how do you think about zippers the first SUV could effectively differentiate from peers upcoming models, for example, like Tesla Model Y and the new models from other local brands? That's my second question.

Speaker 4

Thank you.

Speaker 1

Sure. Thank you, Tim. So if you look at the overall competition, as Andy mentioned earlier in his beginning remarks that you can see my 1, 9 sorry, my 1, 77 are market leaders in their respective market segments. And you probably remember last December when we had these discussions about the new all new double 7s, there are competitions in the market with regard to mid to large sites BEVC Dans in the premium brackets and price brackets. And so I think we have demonstrated our ability to define a product and find a selling a various selling points for our customers to actually choose those particular vehicles.

Speaker 1

And we have demonstrated with Double 1, we have demonstrated with Double 7. If you look at the overall vehicle history and how we do this, you probably can see that we stand we started from a very clear advantage that is our hardware and chassis. The safety of the vehicle, the handling, the driver ranges, the EV powertrain, etcetera, etcetera, it's been very good. It's been well recognized by our customers. And then we gradually step up in terms of software.

Speaker 1

We spend a lot of investments in smart cockpits. We spend lots of investments in ADAS. We use our own in house foodstacking in house solutions when it comes to ADAS. So step by step, our customers who some of the customers who hesitate to make the decision just because they see a lack in terms of the smart experience and intelligent experience, they were convinced. They were convinced that they're buying a better and a better product.

Speaker 1

So then a similar service with Double One, similar service with Double 7. And we do think we will be leverage the very successful SC architecture hardware, the handling, the safety, etcetera, etcetera, when it comes to the all new SUVs we're going to introduce in the latter half of this year. But on top of that, our latest smart cockpit systems, our latest ADAS systems, all those smart functionalities that we'll be improving in the last few years is also going to be a very, very big and important differentiator in our vehicles when our customers are looking at my models comparing with rest of the pack. If you look at my competitors lineup, you have Lebao, which is not exactly priced at the same price bracket with us. Ex POM, they do not have SUV offerings for the latter half this year.

Speaker 1

Some of my other competitors, they may have some offerings, but some of their refreshments has been proven not up to the need and wants of these Chinese customers, although they may receive better responses feedback from international market, but let's say, look at the Chinese customers, any of the ones are quite different from that of the world. And we do believe when it comes to Chinese market, when it comes to this specific product, we will be at edge.

Speaker 2

I would like to make add two points. First of all, this in the second half of this year, we plan to launch 2 completely new models. The first one is a premium mid to large size SUV. The length of the vehicle is expected to be around 5 meters. This is a very big market, very big segment, and we expect that this segment would continue to grow in the future.

Speaker 2

After we launch the vehicle, we expect that it would have a positive contribution to our sales and our gross margin. Our second model to be launched this later this year is MiX. This is a highly innovative, highly disruptive model, which the information of which you might have already read from the press and from the report from the auto show. This is highly innovative, a masterpiece. And with this vehicle, we defined what the future home would look like.

Speaker 2

So Zika brand has always strived to be innovative in technologies and to create new products, new types of products to gain our core corporate competitiveness. So these are some of the information about the new models we plan to launch this year.

Speaker 1

Thank you, Jim. And operator, let's go to next question.

Operator

Next question comes from Ming Sun Lee from Bank of America. Please go ahead.

Speaker 1

So recently, I think a market is waiting for EU to decide the latest tariff rate. And since Anzong just mentioned, you have more plan to enter more countries in Europe, EU. So what is your priority for your business? Will you prioritize the profitability in local market? Or will you prioritize the market share gain in the local market?

Speaker 1

Thank you. Thank you, Ming. So maybe I address it first and if Andy Anil is further comment, then he may follow-up. But firstly and most importantly, we cannot comment on any government's policies. And we've been waiting for the European Commission to make the decisions and we'll adjust our policies as we see fit.

Speaker 1

But again, we will be in compliance with all relevant laws and regulations in all jurisdictions we operate in. If you look at European markets, obviously, we do have a very, very big international expansion ambitions for this year. But as I previously communicated with some of you, the key markets for us is going to be Latin America Southeast Asia as well as Middle East. So although we have been expanding in Europe, we do think it may take some time for the actual sales in Europe to be ramping up in a very, very significant way. And not that we're not investing in these jurisdictions, but we do think it may take some time.

Speaker 1

But more importantly, if you look at the product, now we do think the products we've been offering in European Union, the Double One and Zigger X are suitable for the medium ones of local customers. We're not just selling Europe, the one off the new SUV, Vites and Sedans that sells good in China, right. If you look at number 1 is the crossover should break very, very unsuitable for places like Scandinavia countries and Germany, etcetera, etcetera, where people drive station weapons. Weapons. If you look at D2X, a small compact, very nimble and flexible CT SUV, perfectly suitable for South France, Spain, Italy, those markets.

Speaker 1

So we do think if you look at the products, we are offering a very very well compelling product, which in turn hopefully will give us a little bit of edge in terms of pricing, in terms of competition. And then lastly, but also very, very importantly, if you look at my business model and overall GD Group's global manufacturing footprint, you probably realize that we do have a more flexible localization options comparing with most of my competitors. If you look at my business model, you probably know that we do 100% counter manufacturing. That means that we I can leverage all of Chile Group's global manufacturing footprint. At GD Group obviously we do not only have manufacturing facilities in China, but also in Southeast Asia, in Western Europe as well as in U.

Speaker 1

S. Onshore. So those flexibilities provided by my business model by my being part of the very big and successful global Geely Group, I think give us a flexibility that is almost unparalleled in the Chinese EV Industry. So do you have the latest update and guidance regarding your sales and marketing expense, R and D expense and also your CapEx? Thank you.

Speaker 1

Thank you, Ming. So as you're probably aware, being a public company, I'm sort of constrained in terms of what type of guidance I can give. Earlier, we do give a guidance of around RMB10 1,000,000,000 in terms of R and D. When it comes to SG and A, obviously that is driven by my sales. And what I can tell you is that I will have a much better SG and A discipline in terms of SG and A percentage to my overall sales revenue that is going to be definitely better than most, if not all of my competitors at comparable size, the revenue size, but it's very unfortunate.

Speaker 1

I can't give you a very precise SG and A guidance. When it comes to CapEx, as you can see, we are running a very asset light model in a sense that we do not have our own vehicle manufacturing facility. So my overall CapEx is actually quite controllable. If you look at my numbers last year, I spent about RMB1.9 billion in terms of CapEx and I will be looking at similar, if not a slight higher number of CapEx for this year as well. Yes, that's all my questions.

Speaker 1

Thank you, Anton. Thank you. So, operator, I think it's probably it's probably time for us to conclude this meeting.

Operator

All right. I would like to turn the conference back over to Wang Jing for any additional or closing comments.

Speaker 1

Thank you. Thank you, Jason. So this is Jin. Everyone, thank you once again for joining us today. It's unfortunate that we have to conclude the meeting now.

Speaker 1

Understand there may be more questions from attendees in this meeting. Please feel free to contact the IR team or my PFC, finance PR company for any questions. And thank you very much for joining and have a nice day. Goodbye.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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ZEEKR Intelligent Technology Q1 2024
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