In the first quarter, Leapmotor's revenue was 10.02 billion yuan, a year-on-year increase of 187.1%, with a gross profit margin reaching a record high
LEAPMOTOR released its Q1 2025 performance, with revenue of 10.02 billion yuan, a year-on-year increase of 187.1%. The main reasons are a sales growth of 162.1% and product mix optimization. The gross margin reached a historic high of 14.9%. As of March 31, 2025, the company's cash and cash equivalents amounted to 25.7 billion yuan. The delivery volume for Q1 2025 was 87,552 units, with the C series accounting for 77.5%. The company has the fastest sales growth among new force brands, with cumulative deliveries exceeding 700,000 units
According to the Zhitong Finance APP, Leapmotor (09863) released its performance for the first quarter of 2025, with revenue of RMB 10.02 billion, a year-on-year increase of 187.1%. The main reason for this is that the company's sales increased by 162.1% year-on-year; product mix optimization led to a 4.9% year-on-year increase in revenue per vehicle.
The gross margin for the first quarter of 2025 reached a historical high of 14.9%, compared to (1.4)% in the same period of 2024 and 13.3% in the fourth quarter of 2024, an increase of 1.6 percentage points quarter-on-quarter. The year-on-year improvement was mainly due to the scale effect brought by the increase in sales; ongoing cost management efforts; and product mix optimization. The quarter-on-quarter improvement was primarily due to gross margin growth from strategic partnerships.
The company has ample funds on hand, with cash and cash equivalents, restricted cash, financial assets measured at fair value through profit or loss, and bank time deposits totaling RMB 25.7 billion as of March 31, 2025.
The announcement stated that the company is the fastest-growing new energy vehicle brand in terms of sales growth rate in the first quarter of 2025, and it ranked first in sales among new energy vehicle brands in China for March and April 2025.
The number of vehicle deliveries in the first quarter of 2025 was 87,552, an increase of 162.1% compared to the same period in 2024; 67,812 units of the C series were delivered in the first quarter of 2025, accounting for 77.5% of total sales, an increase of 5.7 percentage points compared to the same period in 2024. As of April 9, 2025, the company achieved a cumulative delivery milestone of over 700,000 units. As of April 2, 2025, the cumulative delivery of the C10, which was launched in March 2024, exceeded 100,000 units