Zhejiang Leapmotor Technology Co., Ltd. (Leapmotor) recently announced its financial results for the third quarter of 2024, showing impressive growth in revenue. The company reported a revenue of 9.86 billion yuan, marking an 83.9% increase compared to the previous quarter and a 74.3% increase year-on-year.
One of the key highlights of Leapmotor’s Q3 financial report was the narrowing of net losses attributable to shareholders. The company’s net loss decreased to 690 million yuan in Q3, a significant improvement from the previous year. Leapmotor credited this positive result to strong sales growth, improved gross margins, and effective cost management strategies.
In addition to financial performance, Leapmotor also achieved remarkable sales milestones during the quarter. In October alone, the company delivered 38,100 vehicles, a 109.7% increase compared to the same period last year. This consistent sales growth has allowed Leapmotor to exceed monthly sales records and reach a cumulative sales figure of over 200,000 vehicles for the first ten months of the year.
Looking ahead to the fourth quarter of 2024, Leapmotor is optimistic about surpassing its annual sales target of 250,000 units. The company expects to maintain an upward trend in gross margins and further reduce net losses in the coming months.
During the Q3 earnings call, Leapmotor’s founder, Chairman, and CEO, Zhu Jiangming, expressed confidence in the company’s future growth prospects. He projected substantial sales growth through the end of the year, with an average monthly sales volume of 40,000 units in 2025. Leapmotor aims to achieve an annual sales target of 500,000 units or more, with a projected gross margin exceeding 10%.
Overall, Leapmotor’s strong financial performance and impressive sales growth demonstrate the company’s resilience and potential in the electric vehicle market. With a focus on product innovation, cost management, and sales expansion, Leapmotor is well-positioned for continued success in the coming years.
