On November 11, Leapmotor announced its financial results for the third quarter of 2024. The company reported a total of 86,165 cars in the third quarter, representing an increase of 61.7% from last quarter. Total deliveries for the first three quarters reached 172,861 cars, marking a year-on-year increase of 94.6%.
The Stellantis backed auto company reported latest October sales figures, reporting sales of 38,177 units. The net increase in locked orders exceeded 40,000 cars in October. Leapmotor anticipates surpassing its annual sales target of 250,000 cars for the year.
In terms of monthly sales breakdown, the company sold 22,093 cars in July, 30,305 cars in August, and 33,767 cars in September. The last four months marked consecutive record-breaking months for Leapmotor sales. As of September 30, Leapmotor’s cumulative sales reached 172,861 units. On October 17, 2024, the company achieved a milestone with the rollout of its 500,000th mass-produced vehicle.
In Q3, Leapmotor consistently ranked among the top three in sales among new energy brands and achieved a weekly sales record of over 10,000 units in the last week of September, elevating its rank to second place among new energy brands.
With record-breaking sales numbers, Leapmotor revenue likewise improved to reach 9.86 billion yuan (1.36 billion USD), reflecting a year-over-year growth of 74.3%. The gross profit margin for the third quarter was 8.1%, a significant improvement from the previous quarter, primarily due to an optimized product sales mix, better cost management, and economies of scale from increased sales.
While Leapmotor is still operating at a yearly loss of 690 million yuan (95 million USD), the company expects to be breaking even in the next year.
Leapmotors recent success can be attributed to the rapid expansion of its sales network. By the end of September, Leapmotor’s sales channels covered 204 cities, with 493 sales stores and 362 service locations. On the global front, as of the end of October, Leapmotor has opened 339 dealerships in Europe with both sales and service capabilities. The company plans to expand gradually into the Asia-Pacific, Middle East, Africa, and South American markets, aiming for a network of over 500 locations by 2025.
Sources: MyDrivers
