(Yicai) June 12 -- Zeekr Intelligent Technology, the electric vehicle arm of China’s Geely Holding Group, narrowed its first-quarter loss by 18 percent from a year earlier, according to the company’s first earnings report since going public in New York a month ago.

Zeekr has a net loss of CNY2 billion (USD281.5 million) in the three months ended March 31, its financial report showed yesterday. Revenue was CNY14.7 billion (USD2 billion), jumping 71 percent on an annual basis but falling nearly 10 percent from the December quarter.

“We started our journey as a public company on a strong note with an excellent operational and financial performance for the first quarter,” said Chief Executive Andy An.

The Ningbo-based automaker successfully debuted on the New York Stock Exchange on May 10, raising USD441 million to underpin its global expansion plans. It has entered over 20 countries and regions and aims to further grow its overseas presence, the company said.

Record quarterly car deliveries boosted the bottom line in the January to March period, soaring 117 percent to 33,059 units from a year ago. Last month, they surged 115 percent to 18,616, bringing the cumulative total to nearly 264,400. Zeekr targets 230,000 for the whole of 2024.

In pre-market trading, Zeekr [NYSE: ZK] was up 2.5 percent at USD22.67 as share as of 4.59 a.m. local time in New York. The stock fell 6.5 percent yesterday.

Zeekr had a gross margin of 11.8 percent in the quarter, compared with 7.9 percent a year ago and 14.2 percent in the fourth quarter of last year. The quarterly drop was mainly the result of seasonal factors on deliveries, while the lower average sales price was mostly due to a change in product mix and fierce competition.

Revenue from car sales jumped 73 percent to CNY8.2 billion, with a profit margin of 14 percent, up 3.9 percentage points from a year earlier and down 1.3 point on the prior quarter. The average sales price fell by CNY20,000 to CNY248,000 (USD2,810 to USD34,880) quarter on quarter.

Income from the sale of batteries and other components surged 82 percent to CNY6.3 billion, while that from research and development services tumbled 42 percent to CNY244.1 million (USD34.3 million).

Zeekr said it has no plans to launch extended-range EVs. The company will enhance its product offering, expand distribution channels, and bolster its ultra-fast charging infrastructure to better compete, it noted.

Editor: Martin Kadiev