Why EV Stock Zeekr Intelligent Technology Was Accelerating This Week
One of the less famous electric vehicle (EV) makers on the scene, Zeekr Intelligent Technology (NYSE: ZK), might not be a sleeper stock for much longer. On the back of quarterly results that demonstrated strong growth, the Chinese company's U.S.-listed stock has been moving fast in an encouraging direction in recent days. It was up by 15% week to date as of early morning Friday, according to data compiled by S&P Global Market Intelligence.
Triple-digit revenue improvement
For its second quarter, Zeekr managed to more than double its vehicle deliveries year over year, an impressive feat in this industry all on its own. In total, those deliveries amounted to 54,811 for the period.
So, not surprisingly, revenue saw a significant improvement, too. This motored 58% higher to slightly more than 20 billion yuan ($2.8 billion). Although the fast-moving EV company posted a non-GAAP (adjusted) net loss, it was considerably narrower than that of the year-ago period. It landed just short of 865 million yuan ($121 million), comparing favorably to the second-quarter 2023 shortfall of almost 1.4 billion yuan ($196 million). The latter shook out to 9.51 yuan ($1.33) per each of the company's American depositary receipts (ADRs).
Zeekr is not a company that's closely followed by analysts in this country, so consensus professional estimates were not available.
A summer of new products
The second quarter was notable not only for those energetic leaps in both financial and operational metrics, but also for its series of new product introductions. Zeekr's foundational Zeekr 001 was updated in August, and in the previous month it took the wraps off its minivan Zeekr 009 and the Zeekr 7X SUV.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
