Leapmotor reports 92% YoY surge in 2024 annual revenue

Beijing (Gasgoo)- On March 10, Leapmotor released its 2024 financial report, logging annual revenue of 32.16 billion yuan, marking a year-on-year surge of 92%. The company achieved a record-high gross margin of 8.4%, while both operating and free cash flow turned positive. Leapmotor ended the year with 20.42 billion yuan in cash reserves.  

Notably, in the fourth quarter (Q4) of 2024, Leapmotor delivered over 40,000 vehicles per month on average, achieving a quarterly gross margin of 13.3% and turning profitable in a single quarter a year ahead of schedule. The company's total vehicle deliveries reached 293,724 units in 2024.  

Leapmotor's Founder, Chairman, and CEO, Mr. Zhu Jiangming attributed Leapmotor's rapid growth to technological innovation and cost-based pricing. He emphasized that the company prioritizes in-house R&D and core component development, leveraging this strategy to gain competitive advantages in technology, product performance, and cost control. Leapmotor's pricing strategy focuses on affordability over high margins, ensuring high-value offerings for consumers.  

On March 10, Leapmotor introduced its latest breakthrough, the LEAP 3.5 architecture, featuring a globally pioneering super-integrated central domain controller. This system, powered by a single "super brain," enables end-to-end advanced intelligent driving while integrating cockpit, powertrain, and body control.

The first model to adopt LEAP 3.5, the B-series' B10 SUV, is priced at 109,800 yuan to 139,800 yuan in presales, combining affordability with advanced smart features. The B10 is expected to be a key driver toward Leapmotor's 2025 sales target of 500,000 vehicles.  

Leapmotor is also accelerating its global expansion. By December 2024, Leapmotor International, the joint venture between the Chinese carmaker and Stellantis, had established over 400 international sales and service outlets, including more than 350 in Europe, surpassing its annual target. In 2025, Leapmotor International aims to expand its network to over 550 locations.