Leapmotor Narrows Q3 Losses, Maintains Delivery Targets Amid Strong EV Demand
Chinese electric vehicle manufacturer Leapmotor reported a significant reduction in its third-quarter net loss, driven by robust demand for its affordable EV models and improved profit margins. The company, in which automotive giant Stellantis holds a 20% stake, posted a net loss of RMB 690 million ($95.6 million) for the July-September period, marking a 30% decrease compared to the previous year. Concurrently, revenue surged by 74.3% year-on-year to nearly RMB 9.9 billion, while gross margin improved to 8.1%. CEO Zhu Jiangming indicated that the company is on track to accelerate its break-even timeline to the first half of 2025. Furthermore, Leapmotor reaffirmed its commitment to meeting its annual delivery target of 250,000 vehicles for the current year. Looking ahead, the startup aims to double this figure to 500,000 units in the following year. This financial performance underscores the growing competitiveness of Chinese EV makers in the global market and highlights the strategic value of Leapmotor's partnership with Stellantis as it expands its international footprint.
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Leapmotor Narrows Q3 Losses, Maintains Delivery Targets Amid Strong EV Demand
Chinese electric vehicle manufacturer Leapmotor reported a significant reduction in its third-quarter net loss, driven by robust demand for its affordable EV models and improved profit margins. The company, in which automotive giant Stellantis holds a 20% stake, posted a net loss of RMB 690 million ($95.6 million) for the July-September period, marking a 30% decrease compared to the previous year. Concurrently, revenue surged by 74.3% year-on-year to nearly RMB 9.9 billion, while gross margin improved to 8.1%. CEO Zhu Jiangming indicated that the company is on track to accelerate its break-even timeline to the first half of 2025. Furthermore, Leapmotor reaffirmed its commitment to meeting its annual delivery target of 250,000 vehicles for the current year. Looking ahead, the startup aims to double this figure to 500,000 units in the following year. This financial performance underscores the growing competitiveness of Chinese EV makers in the global market and highlights the strategic value of Leapmotor's partnership with Stellantis as it expands its international footprint.
TechNode