In a surprising turn of events, Chinese electric vehicle manufacturer Leapmotor announced its 2024 performance report today, revealing that the company has achieved profitability a full year ahead of schedule. The automaker reported a net profit of 80 million RMB in Q4 2024, making it only the second emerging EV maker to reach this critical financial milestone in China.
The annual financial report shows Leapmotor generated operating revenue of RMB 32.16 billion while achieving a record-high gross profit margin of 8.4%. This significant improvement culminated in Q4 with margins reaching 13.3% – their highest quarterly figure to date.
“We’ve been focused on balancing growth with financial discipline,” a company representative stated during the announcement. “The earlier-than-expected profitability validates our approach to scaling operations.”
The company’s financial achievements come alongside impressive delivery numbers. Leapmotor reported total deliveries of 293,724 vehicles for 2024, surpassing their annual target. February 2025 alone saw 25,287 units delivered, representing a massive 285% year-on-year increase.
This growth trajectory appears to be continuing, with new orders exceeding 6,500 just last week. The consistent delivery increases contributed significantly to Leap Motor’s ability to generate positive operating and free cash flows, resulting in a substantial cash reserve of RMB 20.42 billion.
Leapmotor plans to complete its B-series lineup within the year, which company officials have identified as a key component of their growth strategy. The lineup will include:
- B10: Compact SUV
- B01: Mid-size sedan
- B05: Sporty hatchback
These models target China’s largest automotive segment and are expected to drive Leap Motor toward its ambitious goal of selling 500k vehicles in 2025.
By December 2024, Leap Motor International had established over 400 outlets globally offering both sales and after-sales services. More than 350 of these locations are situated across Europe, with plans to expand to over 550 outlets by the end of 2025.
Leapmotor made its official European market entry on September 24, 2024, launching sales of its T03 and C10 models across major markets. International expansion represents a critical component of Leap Motor’s growth strategy as it seeks to diversify beyond its home market.
The company attributes much of its financial improvement to continuous technological innovations that have driven cost reductions and efficiency improvements. As production volumes increase, Leap Motor expects to benefit further from economies of scale.
With its quarterly profitability target achieved ahead of schedule, Leapmotor has positioned itself as a serious competitor in the increasingly crowded EV marketplace.
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