- Leapmotor is on track to achieve annual profitability in 2025 with full-year sales approaching 600,000 units, its CEO said while celebrating its 10th anniversary.
- It will accelerate overseas market expansion as part of its efforts to reach 1 million annual sales in 2026.
Leapmotor (HKG: 9863) expects to achieve its first annual profit this year, as robust sales have produced strong financial performance over recent quarters.
The company is on track to sell nearly 600,000 vehicles in 2025 and achieve annual profitability, Zhu Jiangming, Leapmotor's founder, chairman, and CEO, said in an internal letter celebrating the company's 10th anniversary released today.
"2025 marks our 10th year since founding the company. We have achieved the goals set five years ago and delivered a solid performance," Zhu wrote in the letter shared on Leapmotor's social media platforms.
"This has been Leapmotor's most fruitful year!" he said.
Founded in 2015, Leapmotor reported a net income of RMB 150 million ($21.3 million) in the third quarter of this year, marking its second consecutive profitable quarter.
In the first quarter, it recorded a net loss of RMB 130 million amid industry-wide weakness early in the year.
The company has seen robust sales performance this year, delivering a record 70,327 vehicles in November, bringing its January-November total to 536,132 units.
On November 15, Leapmotor surpassed 500,000 year-to-date sales, achieving its 2025 target before an upward revision.
Zhu reiterated that Leapmotor would challenge a 1 million vehicle sales target next year.
"We have established a competitive system for in-house manufacturing of core components. As sales scale continues to expand, the advantages of in-house developed and self-produced parts will be further leveraged," he said in today's internal letter.
Leapmotor's models launched this year -- the B10, B01, Lafa 5, and facelifted C16, C11, C10 -- have all achieved strong sales since their launch. Among them, the C10 has reached monthly sales of 20,000 units, Zhu noted.
The company's global expansion is accelerating, with 35 overseas markets added this year, he said.
There are already over 800 Leapmotor stores in overseas markets, with annual overseas deliveries expected to exceed 60,000 units, Zhu said.
"Our collaboration with Stellantis Group is generating synergies, accelerating Leapmotor's transformation into a global brand," he said.
Stellantis invested €1.5 billion in Leapmotor in 2023, acquiring about 20 percent equity to become the Chinese EV maker's largest external shareholder.
Despite these achievements, Zhu emphasized that Leapmotor is nowhere near a time for celebration.
"We cannot continue to see ourselves as merely a 'new force in the auto industry.' We must hold ourselves to the standards of a sustainable, respected world-class automaker," he said.
To achieve its 2026 sales target of one million vehicles, Leapmotor must continuously innovate technologically, ensure product quality, accelerate overseas market expansion, and maintain an efficient and agile organization, Zhu said.
($1 = RMB 7.0282)
