- Leapmotor's first-quarter revenue reached 10.82 billion yuan, its best first quarter on record, but gross margin dropped significantly.
- Chinese rivals including Nio, Xpeng and Li Auto will also report their earnings later this month.
Leapmotor (HKEX: 9863) saw revenue growth in the first quarter, mainly driven by strong vehicle deliveries. However, the company's net loss widened due to changes in its product mix.
The Stellantis-backed Chinese EV maker reported on Friday that its first-quarter revenue reached 10.82 billion yuan ($1.59 billion), an 8.0% year-on-year increase, marking its best first quarter in history.
Leapmotor's net loss for the first quarter widened to 390 million yuan, compared with a net loss of 130 million yuan in the same period last year and a profit of 360 million yuan in the fourth quarter of 2025.
The year-on-year increase in loss was mainly attributable to the decline in total gross profit and the increase in expenses, the company said.
Leapmotor's gross margin in the first quarter dropped to 9.4% from 14.9% a year earlier.
The company delivered a total of 110,155 vehicles in the first quarter, up 25.8% year-on-year, but down 45.21% from the fourth quarter of last year.
The first quarter of each year is typically a traditional off-season for the Chinese auto industry, while the fourth quarter is usually the peak sales season.
Overseas markets are becoming a key growth engine for the startup. Leapmotor's exports in the first quarter reached a record 40,901 units, accounting for 37.1% of its total sales.
This sales momentum continued into the second quarter. Leapmotor delivered a record 71,387 vehicles in April, of which exports reached 14,225 units.
Newly launched models have seen strong market demand. Firm orders for the Leapmotor A10 exceeded 40,000 units in its first month of launch, and its daily production capacity has now surpassed 1,000 units as it accelerates deliveries.
Meanwhile, its flagship SUV model D19 garnered over 15,000 orders within 15 days of its launch last month.
As Leapmotor posts its results, investors will also closely watch the latest financial performance and margin trends of its local rivals.
Nio Inc (NYSE: NIO) plans to announce its first-quarter financial results on May 21. Subsequently, both Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) are scheduled to release their first-quarter earnings on May 28.
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