Chinese new energy vehicle (NEV) manufacturer Leapmotor, partially backed by Stellantis NV, reported record financial results for the third quarter, driven by robust vehicle deliveries and the successful launch of its C16 model. The company’s revenue reached RMB 9.86 billion ($1.37 billion), a 74.3% increase from the same period last year and up 83.9% from the previous quarter, according to unaudited results.
Leapmotor delivered a record 86,165 vehicles in Q3, a 94.39% year-on-year increase. Higher-priced C-series models accounted for 78.3% of sales, bolstered by Leapmotor’s proprietary Leap 3.0 technology architecture. The recent launch of the C16 model, which offers both battery electric vehicle (BEV) and extended-range electric vehicle (EREV) options, contributed to these gains. “The launch of the C16 brought in more traffic due to the buzz around the new model,” Leapmotor noted, adding that demand for its existing C10 and C11 SUVs remained steady.
Despite strong revenue growth, Leapmotor reported a net loss of RMB 690 million, a 30% improvement from last year. Gross margin also reached a record high of 8.1%, up from the previous high of 6.7% in Q4 2023. The company increased research and development spending by 64.56% to RMB 780 million, driven by investments in new models and smart driving technology.
With 211,038 vehicles delivered from January to October, Leapmotor expects to exceed its full-year sales target of 250,000 units. Looking ahead, the company plans to maintain upward momentum in gross margin and aims to reduce net losses further in Q4. Leapmotor is set to debut its new B10 model, the first based on its Leap 3.5 architecture, at the Guangzhou Auto Show on November 15.
