Leapmotor, a Chinese new energy vehicle (NEV) manufacturer backed by Stellantis NV, posted its first-ever half-year profit, driven by significant sales growth and improved operational efficiency.
The company reported net income of RMB 30 million ($4.2 million) for the first half of 2025, making it the second Chinese NEV maker after Li Auto to achieve half-year profitability. Leapmotor delivered 221,664 vehicles in the first six months, up 155.7 percent from a year earlier. Deliveries for the first seven months reached 271,793 units, a 149.8 percent increase year-on-year.
In response to the strong performance, Leapmotor raised its full-year 2025 sales target to between 580,000 and 650,000 units, up from the previous range of 500,000 to 600,000 units. The company also aims to reach annual sales of 1 million units in 2026.
Revenue for the first half climbed to RMB 2.425 billion, an increase of 174 percent from the same period in 2024. The company’s gross margin reached 14.1 percent, its highest on record, up from 1.1 percent a year earlier, reflecting economies of scale, cost management, and product mix optimization.
Net cash flow from operating activities totaled RMB 2.86 billion, more than ten times the RMB 270 million recorded in the same period of 2024. Cash, cash equivalents, restricted cash, and time deposits stood at RMB 29.58 billion as of June 30.