- Leapmotor recorded a net income of RMB 150 million ($21.1 million) in the third quarter, marking its second consecutive profitable quarter.
- Leapmotor expects full-year 2025 sales to exceed 600,000 units.
Leapmotor (HKG: 9863) continued to be profitable last quarter, its second straight profitable quarter, as sales surged.
The Chinese new energy vehicle (NEV) maker posted a net income of RMB 150 million ($21.1 million) in the third quarter, compared to a net loss of RMB 690 million in the same period last year, according to its unaudited financial results released today.
Leapmotor first achieved quarterly profitability in the fourth quarter of 2024, when it recorded a net income of RMB 80.9 million.
However, it recorded a net loss of RMB 130 million in the first quarter of this year amid broader industry weakness.
The company returned to profitability in the second quarter with a net income of RMB 160 million.
In the third quarter, Leapmotor delivered a record 173,852 vehicles, representing a 101.77 percent year-on-year increase and a 29.63 percent rise from the second quarter.
The company's third-quarter revenue reached RMB 19.45 billion, a 97.3 percent increase year-on-year.
Its gross margin for the third quarter stood at 14.5 percent, surpassing the 8.1 percent recorded in the same period of 2024 and exceeding the 13.6 percent achieved in the second quarter of 2025.
Leapmotor attributed this primarily to economies of scale driven by increased sales volume, ongoing cost management, and product portfolio optimization.
As of September 30, Leapmotor held RMB 33.92 billion in cash and cash equivalents, restricted cash, financial assets, and bank time deposits.
The company delivered 70,289 vehicles in October, marking its sixth consecutive month of record-high deliveries.
From January to October, Leapmotor delivered 465,805 vehicles, a 120.72 percent year-on-year increase.
On November 15, the company achieved its 2025 annual sales target of 500,000 units 1.5 months ahead of schedule and it now expects full-year sales to exceed 600,000 units, it said today.
($1 = RMB 7.1075)
