Leapmotor’s 2022 annual revenue rockets 295.4% YoY

Beijing (Gasgoo)- Chinese new energy vehicle startup Leapmotor on Tuesday released its 2022 Q4 and annual financial results, which show a significant improvement in overall operations. 

Photo credit: Leapmotor

In the past year, Leapmotor’s yearly revenue amounted to 12.385 billion yuan, soaring 295.4% year on year. Its net loss came in at 5.109 billion yuan in 2022, compared to the 2.846 billion yuan of net loss in 2021. The adjusted net loss (non-IFRS) after deducting share-based employee benefit payment came down to 4.566 billion yuan. 

Leapmotor has been actively strengthening its own technology R&D capabilities since establishment. In 2022, Leapmotor poured in 1.411 billion yuan in R&D, which hiked 90.6% year over year. The increase in R&D expenses was mainly driven by the expansion of its R&D team. 

In 2023, Leapmotor plans to install its newly-developed centralized electrical and electronic architecture onto new models to be launched in the second half of the year, enabling mass production of the highly integrated supercomputing platform with high platform rate, high communication rate, and fast iteration rate.

In terms of sales, Leapmotor delivered a total of 111,168 vehicles in the past year, representing a 154.1% surge from a year ago. By the end of December 2022, Leapmotor’s sales network has expanded to cover 79 directly operated stores and 503 channel partner stores in 180 cities. 

As to global deployment, Leapmotor forayed into the Israeli auto market as its first attempt in its international layout. The company now operates stores in Tel Aviv and Ramat Gan. According to its plans, Leapmotor will successively enter Europe, Southeast Asia, and the Middle East.