Profitable performance pushes Leapmotor into new league

Leapmotor has announced that it achieved a positive net profit for the fourth quarter of 2024, becoming the second Chinese NEV startup to become profitable after Li Auto.

In the fourth quarter of 2024, Leapmotor's average monthly deliveries exceeded 40,000 units, soaring more than 100 percent year-on-year each month.

Its higher-priced C-series models made up more than 77 percent of sales, which helped boost revenue.

Its total sales reached more than 290,000 units in 2024, up 104 percent compared with 2023.

Zhu Jiangming, founder and CEO of Leapmotor, said the company aims to achieve annual sales of 500,000 units in 2025.

"The next three years are crucial. We've entered the final stage, facing challenges not just from startups but world-class mainstream brands. With the rapidly changing market, we need stronger capabilities and quicker responses to achieve our goals," Zhu said.

This year, the automaker will launch three models of its B-series, including the B10 SUV that debuted at the Paris auto show in October. The models are in the 100,000 yuan ($13,640) to 150,000 yuan segment.

With global partner Stellantis Group, Leapmotor is expanding into overseas markets. Since September 2024, it has launched the C10 SUV and T03 supermini in Europe and set up more than 400 sales outlets in 13 countries, aiming for 500 by the end of 2025.