Leapmotor’s revenue rises 14.4% YoY in H1 2023

Beijing (Gasgoo)- Chinese new energy vehicle startup Leapmotor achieved a revenue of 5.813 billion yuan in the first six months of this year, reflecting a 14.4% increase compared to the same period in 2022, according to the company’s financial report. 

Photo credit: Leapmotor

Net losses attributable to equity holders stood at 2.276 billion yuan, indicating a slight improvement from the loss of 2.444 billion yuan recorded in the year-ago period. Leapmotor's gross profit for the first half of 2023 improved to -5.9%, showcasing continuous progress.

Notably, Leapmotor achieved its first positive operating cash flow. The net cash generated from operating activities for the six months ended June 30, 2023, amounted to 152 million yuan, representing a substantial increase from the net cash used in operating activities of 581 million yuan during the same period in 2022.

In terms of delivery volume, Leapmotor revealed a total delivery of approximately 44,500 vehicles for the past six months. Deliveries of the T03 model stood at 8,975 units, down by 72.9% compared to the same period in 2022. The C11 (including extended-range electric vehicles) saw its deliveries reach 27,493 units, representing a 45.4% surge year on year. Deliveries of the C01 model came in at 8,034 units in the period. 

Recent reports suggest that Volkswagen's sub-brand Jetta is in talks with Leapmotor, possibly aiming to acquire a generation of Leapmotor's platform technology to enhance Jetta's electrification efforts. Earlier, Leapmotor was also reported to be engaging with overseas companies for potential technology collaborations.

In response, Leapmotor's Co-President Wu Qiang stated that the company doesn't comment on external reports and emphasized Leapmotor's self-developed approach. He noted that external technological collaborations could expand business opportunities, increase influence, and bring direct revenue, complementing the company's overall approach.