ZEEKR Intelligent Technology Q2 2024 Earnings Call Transcript

Quartr
Provided by Quartr
August 21, 2024

There are 8 speakers on the call.

Operator

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

Operator

Jiang Jing, the CEO of ZEAKER. Please go ahead.

Speaker 1

Hi, this is Jin. I'm the CFO of ZECR. Thank you, operator. Good evening, good day and good night, everyone. Good morning, everyone.

Speaker 1

Welcome to ZECR's Q2 2024 Earnings Conference Call. So I will now read the standard disclaimer. So 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. Private Securities Litigation Reform Act of 1995.

Speaker 1

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. Securities and Exchange Commission.

Speaker 1

The company does not take any obligation to update any forward looking statements except as required under applicable law. Joining us today from Zigger Senior Management are Ms. Anton Hui, Co Founder and CEO Ms. Hui Yun, VP of Vehicle Development Mr. Chen Qi, VP of ADAS and Mr.

Speaker 1

Zhang Jing, VP of Smart Cockpit. I am Jingwen, CFO. Our CEO will make his remarks in Chinese followed by an ongoing process. With that said, I will now turn the call over to our CEO, Mr. Tan.

Speaker 2

Hello, everyone. Thank you all for joining Zika's Q2 2024 Earnings Call. In the Q2 of 2024, the new energy vehicle market sustained its strong growth momentum with BEV market penetration rates climbing to a record 28%. However, the competition across the broader market remains fierce.

Operator

Despite

Speaker 2

economic headwinds and industry challenges, Zika remain deeply committed to the product excellence and delivering an ultimate user experience. We are relentlessly pursuing the next stage of growth driven by our efforts to heighten the brand awareness, ongoing investments in cutting edge technologies and a laser focus on improving operational efficiency. Today, I would like to change the pattern of our earnings call to leave more time for the Q and A session and to improve the efficiency. Today, I am very pleased to welcome our Mr. Yuanjing, our CFO Mr.

Speaker 2

Chen Qi, our Vice President for the ADAS Development Ms. Xu Yin, who is in charge of our product line Z and Mr. Jiang Jun, who is in charge Vice President in charge of our infotainment development. So if our members have some specific questions on our latest technologies, Please feel free to raise the questions to them. So now here is my opening and now I give the floor to the Q and A session.

Speaker 2

Thank you to our CFO. Thank you.

Speaker 1

Thank you, Andy. Hello, everyone. So I will spend the next 5 to 10 minutes very quickly go through the financials. If we look at our total revenue for the Q2 this year, it amounts to RMB20 1,000,000,000 which is an increase of 58% year over year or 36% quarter over quarter. As you can see the total revenue are made up of 3 parts vehicle sales, sales of batteries and the components and R and D service and other services.

Speaker 1

If you look at the vehicle sales revenue it amounts to up RMB13.4 billion with a year on year increase of almost 50% quarter on quarter increase of almost 65%. The gross margin of that segment raised slightly to 14.2% thanks to an increase in sales volume of our vehicles in the quarter which are slightly offset by the lower average selling price due to different product mix and fiber packaging. Revenue from sales batteries and components was RMB5.3 billion representing the increase year on year increase of more than 36% and the quarter over quarter decrease of slightly over 16%. The gross margin of this segment for this quarter is more than 20%. Thanks to the kicking of cost reductions we obtained some suppliers in the same quarter of this year.

Speaker 1

If you look at the 24 first half numbers, the gross margin is around 12% to 13% which we believe will be in line with our overall annual guidance, gross margin guidance for this segment. The gross margin for this year will be around 10% to 12%. If you look at the R and D service revenue, it amounts to RMB1.2 billion for the quarter, represents more than 300 increase year over year or more than 400 increase quarter over quarter. Having said that the absolute amount of that segment revenue from that segment is slightly is also quite small. So we do believe it won't impact on the performance of the company that much.

Speaker 1

R and D expenses was RMB2.6 billion for the Q2 this year representing an increase of almost 90% year over year or 46% quarter over quarter. The increase is mostly due to share based compensation. The allocation of share based compensation to my R and D personnel for the quarter is about RMB530 1,000,000. The SG and A for this quarter is RMB2.6 billion which implies a year over year increase of more than 60% and quarter over quarter increase of more than 33%. That increase resulted mostly due to the share based compensation which amounts to RMB390 1,000,000 for SG and A personnel.

Speaker 1

The net loss for the company for this quarter is RMB1.8 billion. But if you look at the non GAAP net loss which as you can see subtract the share based compensation is RMB865 million which implies a year on year decrease of more than 36% and quarter over quarter decrease of more than 57%. The share based compensation we recorded for the quarter is amounted to was amount to RMB940 1,000,000 and we expect the full year share based compensation hit to my P and L at around RMB1.1 billion to RMB1.2 billion. If you look at my CapEx for the quarter it amounts to RMB680 1,000,000. For the first half the CapEx about RMB1.1 billion which is in line with my guidance of around RMB1.9 billion to RMB2.1 billion CapEx for the year.

Speaker 1

We also recorded a positive operating cash flow and free cash flow for the quarter. The quarterly operating cash flow operating cash inflow is RMB1.5 billion and free cash flow inflow is around RMB820 1,000,000. So which leads to my balance of cash and cash equivalents and restricted cash at hand at more than RMB8 1,000,000,000 by end of June 30 by end of June. So this concludes my prepared remarks. As Andy promised, we will now turn the call over to the operator to start our Q and A session.

Operator

Thank you. We will now begin the question and answer session. Thank you. And our first question comes from the line of Tim Shao with Morgan Stanley. Please proceed with your question.

Speaker 3

My question is about the model pipeline, especially regarding the types of the powertrain, because management mentioned at JD's breakout briefing that there's a subsequent large SUV launch next year with also adopt a PHEV powertrain, the hybrid powertrain. So just wondering if the management can share a bit more information about the plan. In addition to the new launches, will VEACR also launch PHEV versions for incumbent models? And what kind of volume mix we should be looking for between the BEV and PHEV. In the meanwhile, after having both BEV and PHEV ready, with weaker, the end market partially overlap with that of LinpenCo on the Geely Group despite the different brand positions.

Speaker 3

That's my question.

Speaker 1

Thank

Speaker 2

you. So thank you so much, Mr. Xiao. So I would firstly to introduce our product planning for this year. This year in August, we launched our facelift model year versions for the 1 and 7, and we also launched the upgraded 9 in July.

Speaker 2

So we have finished the upgrade of all our existing models. And with regards to the new models, we would launch unveil our 7X SUV at Chengdu Auto Show, which would take place in the end of August. And we plan to start deliveries of Zika 7X from the end of September. With regards to the mix, we plan to start deliveries of this new model from the Q4 over this year. So I have confidence that with the upgrade of 1, 7 and 9, these existing models would contribute to and improve their sales.

Speaker 2

And I also have confidence that the launch of new model 7X and the Zhiqin mix will further support our sales growth. And with regards to the product in the pipeline for the next year, I announced at this afternoon, the 1,75 gs Auto Holdings earnings conference that we planned to launch a full size flagship SUV in the Q4 in 2025. This flagship SUV would be equipped would offer 2 different powertrain offerings. 1 is a pure battery electric vehicles and the other is a powertrain, which we call the super electric hybrid. So our investors might be very familiar about our pure battery electric vehicle technologies.

Speaker 2

So you might wonder why we choose to introduce the super electric hybrid powertrain to our future product. So I can explain here. And that is because we conduct the we listen to the voice of our customers and we understand that in the future when it comes to the larger size vehicles, there is a customer demand base for the hybrid powered vehicles. So we would have a specific technology launch for the super electric hybrid technology, but I can give you take you have a quick look and briefly about the advantage of this technology. To simply put, Zeta's electric hybrid is a new form of powertrain that combines the advantage and the benefits of pure battery electric vehicle powertrain, THAP powertrain and the range extender powertrain.

Speaker 2

So it can secure an excellent pure battery electric vehicle driving experience. At the same time, when it is on the highway, the fuel efficiency is very good. At the same time, we can ensure that we our customers can enjoy long driving range. So after we have experienced car manufacturing experience over 3 decades of car manufacturing experiences, So we have a very strong technology foundation on the technologies of engines and gearbox. So this type of this model will be facing the global market and we want to have some breakthrough in the global big size vehicles, premium vehicles.

Speaker 2

So apart from that full size of flagship SUV, next year, we also plan to launch another a new shooting brake model based on the platform of 7 Sedan, which we plan to launch in the next year. Zika, as a matter of fact, is good at making delivering the launching the shooting brake vehicles and we are recognized by our customers and we have enjoyed very good reputations for that. So we would carry over some good technologies on the current 1 on that new shooting brake vehicles. And I think that can also to further expand our shooting brake products and product lineup. I hope my answers my explanation answers to your question.

Speaker 2

Thank you. So this is a very good question. To answer your question, I can say there's no conflict. Inside the GD Group, we have a branding committee and we have a very organized and strict management of the different brands to prevent the overlap of the models. And the brand positioning of these two brands are different from each other.

Speaker 2

Zika is positioned as a premium luxury brand and the Linkedin Ko is a trendy high end brand with strong personalities. And another very key information I want to share with this meeting is that the new flagship SUV, full size SUV were based on an upgrade of existing SEA architecture and with a strong commonality with other products. And of course, I have confidence that our cost management has some special competitiveness.

Operator

Our next question comes from the line of Tina Hao with Goldman Sachs. Please proceed with your question.

Speaker 4

So I can do the translation now. Thanks management for taking my questions. My first question is regarding volume. So does management still maintain the 230,000 units volume guidance for 2024? It seems that into the Q3 and Q4, it will be a little bit pressure.

Speaker 4

So wondering if management is still confident on that. And also since we did some new launches for 9, 1 and 7 in July August, What has been the latest order trend if management can share some color with us? And then the second question is regarding the 2nd quarter, the battery and other components sales business. The gross margin was actually 20%, much higher than previous norm. So wondering what's the reason there?

Speaker 4

And should we expect this high margin to continue going forward? Thank you.

Speaker 2

Thank you, Ms. Ho's questions. So I will take the first question. And with regards to our full year sales target of 230,000 units, we still have confidence full confidence despite that we have aware and we have facing we are facing some pressures. I have did a rough calculation to achieve that sales target in the months between September December.

Speaker 2

We need to deliver 225,000 vehicles per month. So with regards to the 1, 7 and 9, which we have already upgraded, Of course, we are seeing that there we got some feedback from the media outlets on the strategy of the product launch. But despite that, we are seeing a growth of our orders intake and we forecast that there are orders for these 3 models would increase by over 30%. And with regards to the sales volume over this month, as we just launched the new models, so the factories are still ramping up the production. But still, I think I forecast that we can report over 20% mouse on mouse growth.

Speaker 2

After we launched the new model in the past week, we saw that our leads intake increases significantly and our test drive applications also hit record high and we our orders intake climbed by 30% and the turnover rate also hit the improved significantly. So these existing models lay good foundations for our sales volume for this year. And we also plan to launch 2 new models, ZEKA 7X and ZEKA Mix in the later in the remaining of this year. In September, we plan to start deliveries of 7X. We have confidence that it can achieve a very good performance in its segment.

Speaker 2

We already as we already reported by many professional industry media, the product is very competitive and it is will compete with Tesla's Model Y. And Zika mix, as I explained this afternoon, we plan to launch it in the Q4 this year. Actually, I will can go further more to go into more details here to say that we plan to start deliveries of Zika mix in October. This model is a highly innovative. So with the introduction of Zika 7X and as we can mix these 2 new models, we hold a view that they will support our sales growth in the remaining of this year.

Speaker 2

And with regard to the overseas market, after 2 years of cultivating our global market, I can share with the investors here that in the Q4 of this year, we will report a significant growth in the overseas market sales volume compared to the Q3. And also we launched upgraded the 1 and 7 in August and upgraded the 9 in July. Also as a way as in our strategy to prepare for the new product launch in the September. So we have a product launch upgrades and new products launched in the months in July, August, September October in a way to ensure that we can have a good sales performance in the high season usually take place in China in the end of this year. So this is this has been the strategy and we are very carefully implementing this strategy.

Speaker 2

And Mr. Yuanjing, our CFO, will take the question on the battery.

Speaker 1

Thank you, Andy. So with regarding to the revenue from sales of batteries as a component, you can see we record there maybe about RMB5.3 billion revenue for the Q2 of this year. Representing a year on year growth of 36% and quarter on quarter decrease of 16%. The quarter over quarter decrease was mainly attributable to a lower sales of battery modules in the China domestic market compared with the previous quarter. If you look at the margins as you pointed out, the Q2 business margin for this particular segment is around 20%.

Speaker 1

This is mostly due to the kick in of cost reductions from our suppliers in the Q2 this year. But if you look at the overall first half this year gross margin for that particular business segment is around the 12% to 13%. And going forward looking at the full year we'd be looking at anywhere between 10% to 12% business gross margin for that particular segment. And so I would say the increase or the spike of the margin in the Q2 for this segment I think will be smooth out throughout the whole year. Thank you.

Speaker 1

Yes, next question, operator. Thank you.

Operator

Thank you. The next question is from the line of Ming Sun Li with Bank of America. Please proceed with your question. So in next 1 to 2 years, the price competition in China will likely continue. So besides the economy scale, company think in what area that you can continue to reduce your cost and to improve your gross margin, especially will you consider to choose the pure vision solution for your ADAS solution in order to reduce the cost?

Operator

Thank you.

Speaker 2

So thank you, Mr. Li, for the questions. And it is right that the competition in the new energy vehicle industry remain quite fierce. So to ensure we have a good potential and a good strength in the future competition, I have some thinking about the cost management. So first of all, with regards to the platforms and the scale effect, I think the beauty of our SEA architecture as a platform strategy gradually to show to us.

Speaker 2

And in the Q2, we have already reported quite a good gross margin. So I forecast that in the Q3 and the Q4, it will remain good. And probably it is possible that the gross margin level would improve in the Q3 and the Q4. So this is actually a big differentiator of our company compared to the other automakers, because we have over 33 decades of our car manufacturing experiences and we deeply understand that the benefits brought us by the platform strategy. And they also we also share the user utilizing the existing manufacturing capacities under GD Group.

Speaker 2

And so that's why we enjoy very good contract manufacturing service at a very competitive cost. And after years of the efforts devoted to this industry, we also build up our capabilities to vertically integrate the technologies and manufacturing. With regards to the e powertrain, we have our in house technologies for the batteries, e motors and e controllers, and we have our in house manufacturing facilities for these components, especially for some very advanced, very cutting edge technology such as the silicon carbide chips in some controllers. We have our in house R and D and we have the capability to make them via our in house facilities. Secondly, with regards to the intelligence functions, we have also have built up the full stack in house technologies and especially on some new high value product controllers, especially around the infotainment and ADAS, we have our technologies for the software and especially on the technology around the hardwares, we have our capability to design them and we go with our some contract manufacturer suppliers to make our hardwares designed by our in house engineers.

Speaker 2

So these are just some rough examples, but they can tell the story that we are we have the capability to do our vertical integration. And this is a key differentiator that I don't believe many of our competitors have. And that's a result of years of efforts on those cutting edge technologies. So these products also can have a very good effect of scale. We can supply those products and technologies to other sister brands, including like Volvo and the Smart.

Speaker 2

So the cost accordingly would also be lowered. And also with regards to globalization, as we push forward our global strategy, we also can enjoy a higher gross margin in the other markets. And Mr. Chen Qi, our Vice President for ADAS Leuvold would answer your questions on the latest ADAS. And so I will take the questions on the ADAS.

Speaker 2

With regards to end to end capabilities, of course, this is what the industries are working on. And actually inside our company, we also built up a team to do research and deliver this end to end capabilities and we have already achieved some good results. But these people, different companies, they have different approaches to achieve this end to end. Some might use the one model end to end, some might take some steps to achieve their end to end. And people have different approaches and the end target is the same as to achieve the end to end.

Speaker 2

Of course, some process not easy to explain here, but we are gathering a large amount of data with regards to the ADAS and we have built up our own policies to regulate our system. So this is our strategy on the end to end. And with regard to the approach of a pure vision ADAS, this is a way to achieve a good ADAS. But we in our company, we have a strategy that to base on different positioning of the different models to decide which kind of ADAS sensor suite would be equipped on the more specific model. Some might carry the pure vision system and some might carry a system equipped also with a LIDAR.

Speaker 2

So the 7 which we launched at the beginning of this year, we also have a variant which is based on a pure vision ADAS solution. So because of these are some disadvantages of the camera in some ultra dark scenario or ultra light to brighter scenario, even though we have a strong algorithm in our system that cannot overcome some of those advantages of cameras. So that's why I think that LiDAR can even though we equipped with LiDAR, the functions might not add, but still we can achieve a higher safety and a higher ADAS

Speaker 1

performance.

Speaker 2

So technology wise, we are working on a pure vision ADAS solutions as well as the solutions empowered by a LIDAR. But at the end of day, we would decide which solution to be equipped on our specific models depending on the model's specific positioning. I hope I answered your questions.

Operator

So in August 13, SYKES-one has upgraded its autonomous driving solution based on NVIDIA's chips. So what is the consumer feedback and how does this help the orders on 1?

Speaker 1

Thank you, Minnie. So as you can see, our customers actually recognize the capabilities of our own in house ADAS system as evidenced by the acceptance of the 77 ADAS system. Within the orders received with guiding to the 25 year model of Double 1, a vast majority of the orders we see are using the in house ADAS system. Thank you. Thank you.

Speaker 1

Thank you, Ming. Our next

Operator

question is from the line of Dan Lin Ren with CICC. Please proceed with your question.

Speaker 5

I've got a couple of quick questions. First, what's the outlook or guidance for our gross margin on Loyco sales going forward like quarter by quarter? And could you give me a bit more detail on how we are distributing our CapEx? Like how much are we investing into our charging stations or into our autonomous driving system?

Speaker 1

Thank you, Zaini. This is Jin. So as we communicated earlier to the investor community, at the beginning of the year we had a guidance of around 15.5% of vehicle business segment gross margin and that guidance still remain valid. And as you can see in the first half of this year we achieved a 14.1% vehicle segment gross margin. In the second quarter in the second half, we expect, thanks to, say, for example, introduction of our new Double 9 and increasing sales and increased economy scale due to more and more vehicles being sold, etcetera.

Speaker 1

We hope we achieve a slightly better vehicle business segment performance. With regarding to the CapEx, as mentioned earlier, for the first half of this year on the U. S. GAAP, we had a CapEx of about 1.1 $1,000,000,000 amount is $1,100,000,000 about $800,000,000 with guiding to fixed assets investments and the rest are related to software, etcetera, etcetera. And in the second half this year, we expect to continue investing in terms of capital expenditure including open up new stores, investing in the battery pack segment infrastructure investments etcetera, etcetera.

Speaker 1

And overall we'll be looking at about RMB1.9 billion to RMB2.1 billion CapEx for the full year. If you look at the charging network expansion, the charging network and management and the expansion plan are handled by a company called Hao Han Energy, which is managed by our company, but financially 70% owned by Zhihongi and 30% owned by us. So it is a owned by us. So it is a social company. So the key tax related to the charging network expansion is not included in my financial statement.

Operator

Thank you. And that concludes the question and answer session. I would like to turn the conference back over to Mr.

Speaker 1

Yuanzhik for any closing remarks. Yes. All right. Operator, yes. So I think we maybe can have another 10 to 20 minutes if there's more questions.

Operator

Sure. Yes, sir. I can bring up our next question and that is from the line of Bin Wang with Deutsche Bank. Please proceed with your question.

Speaker 6

My question is about the compromising solution. You actually may upgrade from mobile subscription to NVIDIA. So what's the impact for the gross margin? Meanwhile, you had suspension within the GD Group, then we have 2 versions of Laredas. 1 is the high performance, likely high price, version that is the low performance but lower cost.

Speaker 6

So what's your own product go for different solution? And for the 1st upcoming in 2025, 2026, would that all go for NVIDIA solution? Thank you.

Speaker 2

So if we compare the system level cost, the NVIDIA based ADAS systems cost is higher than the mobileized solution. So after we upgraded the we introduced the new one, the ADAS system cost is actually higher. However, that higher cost can be offset by the scale effect as well as the cost reduction of the battery part. In the future, I don't see that that would I don't see that as an impact factor to impact our gross margin. And secondly, with regard to the 9, after we launched the new all new 9, we received a very strong customer's feedback on the from the China market and overseas market, and we received very good numbers of orders intake.

Speaker 2

And as we all know, the gross margin for the 9 model is quite good, quite high. So I think that with those good momentum and we have confidence to achieve the 15% gross margin target for the whole year. 2nd, also in your segment question, this afternoon at 1 hundred and seventy five's earnings conference, I explained that inside our group, we have Zico with a focus on the high end ADAS solution, which will be based on the NVIDIA's component. The Geely and the Galaxy, they were more focused on the lower cost ADAS system. At this stage, we have no plan to introduce Geely's low cost ASUS solution on retail product.

Speaker 2

To be honest, the 30,000 global market sales targets we set in the beginning of this year, actually, we are facing some big challenges. We are under pressure, especially after the EU Commission introduced the hike the tariff on the China made EVs. We slowed down our expansion pace in the Europe market. But at the same time, we are improving our operational efficiency and to mitigate the situation. With regards to the other markets, we are moving forward our strategy, implement our strategy.

Speaker 2

And we are also ready if we fail to achieve this 30,000 sales target for the global market, we will strive to boost our sales in the domestic Chinese market. So we remain confident about achieving the 1230,000 unit of target for the whole year. Thank you.

Speaker 1

Thank you.

Operator

And our next question is from the line of Paul Gong with UBS.

Speaker 7

So my first question is regarding the comparison between the mobile solution versus the NVIDIA plus LiDAR solution. You have mentioned earlier today that even the Mobileye solution would further progress in terms of the technology. But as a forward looking, do you expect the technology gap of the 2 solution to converge or to further apart? And you have also mentioned, emphasized a lot on the scale and platform wise. From the relatively limited volume of ZEAKER still allocated into 2 solutions, isn't that a dilution of your limited volume scale?

Speaker 2

So with regard to the mobileized solution, we actually, if you look at our product line up, we still have a offering of 1 model based using the mobileized ADAS solution. And we, as a responsible company, have committed made the commitment to our customers that we will keep reiterating the technologies and offering the maintenance services to this software. And with regards to the overseas market, because Mobileye solution is can meet the regulatory requirements on many areas and also on the privacy. So after study, we chose to use the mobile solution on our products that sold in overseas markets. With that, I think we can achieve a good scale to manage a good cost well.

Speaker 2

And also, Mobileye is a strategic partner of Zika. They have already publicly announced that they would keep upgrading the technologies and that they will be more open on these collaborations. So after years of working with each other, we can now work with each other quite efficiently and at quite competitive cost level.

Speaker 7

So my second question is regarding the mix. On one hand, it never existed in the China market. So theoretically, it's in the niche market. But on the other hand, it has received a lot of attention during the Beijing Auto Show earlier this year. So do you expect this model to be more like the dish markets, relatively small volume or is likely to significantly exceed in terms of the demand?

Speaker 2

So this is a very interesting question. Zika actually is a highly innovative, tech driven company. And in our product strategy, we start by launching the product, high end product and those are different very differentiating products in our product lineup. So when we launched the Zika-one, it was regarded as a niche market niche segment model. But in the end, because it offers a very good user experiences to our customers, It is a popular model now.

Speaker 2

So Zika mix, same story, it is a highly innovative product. And we strive to offer very unique and new innovative experiences and functions to our customers. And more importantly, Zika mix cannot only meet their requirements from the private purposes, it can also be a perfect model for the mobility services. So you can tell you can see at this point from the choice made by the Waymo. As a matter of fact, Zika Mix and another model internally called the CM1E that is used by Waymo project.

Speaker 2

They share the same platform and the commonality level is very high. And then we also have a good hardware embed on the model that can support the level 4 autonomous driving for the future. We are approached by many mobility companies in China and outside China on the collaborations on this. Thank you.

Speaker 1

Thank you.

Operator

Thank you. That concludes the question and answer session. I would like to turn the conference back over to Mr. Yuan Xing for any additional or closing comments.

Speaker 1

Thank you. Thank you all for joining this call. As always, if you have any questions, please feel free to contact us or any of your banks and we'll be happy to have a separate session with you. Thank you very much and have a good day.

Operator

Today's conference has concluded. Thank you for your participation.

Speaker 2

So I in the end, I would like to express my appreciation on all your investors and analysts' participation on this call. Zika as a new vehicle brand expect to report even better results to the industry in the future. Thank you.

Speaker 1

Thank you.

Speaker 2

Yes. Thank you. Bye bye. Bye bye.

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Earnings Conference Call
ZEEKR Intelligent Technology Q2 2024
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