Leapmotor reported its first full-year profit in 2025, supported by strong delivery growth and rising margins, marking a milestone for the Stellantis-backed electric vehicle maker.
The company posted a net income of 540 million yuan ($78.3 million) for the year, becoming the second Chinese EV startup after Li Auto to achieve annual profitability, according to its financial report released on Monday. Revenue surged 101.3% year-on-year to a record 64.73 billion yuan.
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Leapmotor’s gross margin rose to 14.5% in 2025, up 6.1 percentage points from the previous year, reaching a record high. The improvement came alongside a sharp increase in deliveries, which more than doubled to 596,555 vehicles over the year.
Despite a 14% month-on-month decline in December deliveries, the company achieved a quarterly record in the fourth quarter, delivering more than 200,000 units. As of the end of 2025, Leapmotor held 37.88 billion yuan in cash and reported positive free cash flow, indicating improved financial stability.
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The automaker also strengthened its capital base, with China FAW Group investing 3.74 billion yuan in late December. The move diluted the stake of its largest external shareholder, Stellantis, to 18.99%.
Leapmotor continued to advance its international strategy, exporting 67,052 vehicles in 2025, the highest among Chinese EV startups. The company plans to expand its lineup across four product series — A, B, C, and D — in 2026, including the launch of its new A10 model on March 26.
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Looking ahead, Leapmotor aims to deliver more than 1 million vehicles in 2026, as it seeks to build on its profitability and scale amid intensifying competition in the global EV market.