Beijing (Gasgoo)- Chinese new energy vehicle (NEV) maker Leapmotor achieved positive net profit in the fourth quarter (Q4) of 2024, reaching its quarterly profitability goal one year ahead of schedule, according to the company's latest quarterly profit forecast. This milestone makes Leapmotor the second profitable NEV startup in China.
The company attributed the turnaround to robust sales growth, averaging over 40,000 vehicles sold each month in Q4 2024, and an optimized product mix. The company's higher-end C-series models accounted for over 77% of sales, complemented by effective cost control and operational efficiency improvements.
Leapmotor delivered a total of 120,863 vehicles in Q4 last year, with over 40,000 vehicles delivered monthly in both November and December. For 2024, Leapmotor's annual deliveries reached 293,724 vehicles, exceeding the annual target and representing a 104% increase from the 144,155 vehicles in 2023.
Boosted by strong deliveries, Leapmotor anticipates its 2024 revenue to surpass 30.5 billion yuan, which should surge 80% from a year ago. Its annual gross margin should come in at no less than 8%, significantly higher than in 2023.
Internationally, Leapmotor is accelerating its global business expansion through a partnership with Stellantis. It has established over 400 sales and service outlets in 13 European countries, aiming to expand to 500 by the end of 2025. Leapmotor International, the joint venture between the duo, also plans to increase its presence in Asia-Pacific, the Middle East, Africa, and South America in 2025.
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