Zeekr Group’s April Deliveries Signal Strategic Momentum Amid Market Challenges

Zeekr Group, the premium new energy vehicle (NEV) subsidiary of Geely Holding Group, reported 41,316 vehicle deliveries in April 2025, marking a 1.5% month-over-month (MoM) increase from March’s 40,715 units. While the growth rate slowed compared to March’s 30.18% MoM surge, the results underscore the company’s strategic focus on NEV innovation, brand integration, and global expansion. However, persistent quarterly declines and competitive pressures in the automotive sector require scrutiny.

Brand-Specific Performance: A Mixed Picture

The April results were driven by Lynk & Co, which delivered 25,293 vehicles in March (the most recent brand-specific data), a figure likely sustained or slightly adjusted in April. Meanwhile, Zeekr’s March deliveries of 15,422 vehicles suggest its growth slowed after a strong quarter-on-quarter (QoQ) rebound. The Zeekr brand’s first-quarter (Q1) deliveries rose 25.24% year-over-year (YoY) but fell 47.76% from Q4 2024, highlighting seasonal volatility. Lynk & Co also faced a 19.18% QoQ drop in Q1, though its 56.3% NEV adoption rate positions it to capitalize on regulatory shifts favoring electric vehicles.

Quarterly Trends and Seasonal Challenges

Zeekr Group’s total Q1 2025 deliveries reached 114,011 vehicles, a 21.14% YoY increase but a 32.57% QoQ decline from Q4 2024’s 169,136 units. This dip reflects typical post-holiday production adjustments and potential supply-chain constraints. April’s modest MoM growth signals stabilization but leaves questions about whether the company can sustain momentum into Q2.

Strategic Leverage: Technology and Global Ambitions

Zeekr’s Zeekr G-Pilot intelligent driving system, launched in March 2025, represents a critical differentiator. Combining AI, advanced sensors, and proprietary safety systems like the General Automated Evasion System (G-AES), the platform aims to solidify Zeekr’s position in autonomous driving. Concurrently, new models like the Zeekr 007 GT (priced at RMB 202,900 in China) and the full-size hybrid SUV Zeekr 9X—debuting at the Shanghai Auto Show—are designed to attract premium buyers globally. Lynk & Co’s 900 large hybrid SUV, which garnered 14,600 pre-orders in 24 hours, further amplifies the group’s product portfolio.

Market Context and Risks

The automotive sector faces headwinds, including global supply-chain disruptions, elevated competition, and consumer hesitancy amid economic uncertainty. Tesla’s recent price cuts and Ford’s EV push underscore the urgency for Zeekr to scale efficiently. However, Zeekr’s 51% stake in Lynk & Co, finalized in February 2025, streamlines operations and allows cross-brand synergies, such as shared R&D and distribution networks.

Conclusion: A Balanced Outlook for Long-Term Growth

Zeekr Group’s April deliveries reflect cautious optimism. While the 1.5% MoM growth indicates stabilization after March’s surge, the Q1 QoQ decline and competitive pressures demand vigilance. Yet, the company’s technology leadership, diverse product pipeline, and strategic integration of Lynk & Co position it to outperform in the NEV transition. With the Zeekr 9X and Lynk 900 set for global launches in 2025 and pre-orders already strong, investors can anticipate a revenue inflection point in late 2025 or early 2026.

Crucially, the group’s 24.58% YoY growth in March and 21.14% Q1 YoY expansion signal underlying demand resilience. If Zeekr can mitigate QoQ volatility and maintain NEV adoption rates above 50%, its valuation as a global mobility solutions provider may justify current investments. For now, the April results are a reminder that while the road ahead is bumpy, Zeekr is driving toward its destination.