Leapmotor Reports 92% YoY Surge in 2024 Annual Revenue
Leapmotor, a leading Chinese electric vehicle manufacturer, recently released its 2024 financial report, showcasing impressive growth and profitability. The company recorded annual revenue of 32.16 billion yuan, a significant 92% increase from the previous year. This achievement was accompanied by a record-high gross margin of 8.4% and positive operating and free cash flow. Leapmotor also ended the year with a substantial cash reserve of 20.42 billion yuan.
One of the standout performances highlighted in the report was Leapmotor’s fourth quarter results. During this period, the company delivered over 40,000 vehicles per month on average, achieving a quarterly gross margin of 13.3% and turning profitable ahead of schedule. In total, Leapmotor sold 293,724 units in 2024.
Founder, Chairman, and CEO of Leapmotor, Mr. Zhu Jiangming, attributed the company’s success to its focus on technological innovation and cost-effective pricing strategies. By prioritizing in-house research and development and core component development, Leapmotor has been able to gain a competitive edge in technology, product performance, and cost control. The company’s commitment to offering high-value products at affordable prices has resonated well with consumers.
On March 10, Leapmotor unveiled its latest technological breakthrough, the LEAP 3.5 architecture. This innovative system features a super-integrated central domain controller powered by a single “super brain,” enabling advanced intelligent driving capabilities across the vehicle’s cockpit, powertrain, and body control. The first model to adopt the LEAP 3.5 architecture is the B10 SUV from the B-series, priced competitively between 109,800 yuan and 139,800 yuan during presales. The B10 is expected to play a pivotal role in helping Leapmotor achieve its 2025 sales target of 500,000 vehicles.
In addition to its domestic success, Leapmotor is also expanding its global presence. Through its joint venture with Stellantis, Leapmotor International has established over 400 international sales and service outlets, with a strong presence in Europe. The company surpassed its annual target in 2024 and aims to further expand its network to over 550 locations in 2025.
