Leapmotor reports first annual net profit

Leapmotor has reported an annual net profit of 540 million yuan in its original currency, equivalent to approximately €67 million euros. This figure represents the net profit, which is the amount remaining after deducting all costs, expenses, interest, and taxes. The result marks Leapmotor’s first positive net income in the company’s history. The driving force behind this achievement was a doubling of sales in 2025, alongside a significantly increased revenue of 64.73 billion yuan – roughly €8.09 billion euros (+101 per cent year-on-year).

Of the 596,555 Leapmotor vehicles sold last year (+103 per cent year-on-year), over 200,000 units were delivered in the fourth quarter alone. October and November were particularly strong months, with each exceeding 70,000 units. Exports also played a key role, accounting for 67,052 units in 2025.

The successful year is reflected in the company’s balance sheet, with its gross margin rising to 14.5 per cent (+6.1 percentage points compared to 2024). Additionally, Leapmotor held 37.9 billion yuan in liquid assets (approximately €4.73 billion euros) at the end of 2025, representing a 55 per cent increase over its 2024 liquid assets. This improvement was partly driven by the FAW Group’s investment of 3.74 billion yuan in the company in late December, which secured a 5 per cent stake. As a result, the ownership structure shifted slightly, with the largest external shareholder, Stellantis, seeing its stake reduced from around 21 per cent to 19 per cent.

Speaking of Stellantis: outside China, the joint venture Leapmotor International is officially responsible for operations. This entity, a partnership between Stellantis (51 per cent) and Leapmotor (49 per cent), is tasked with the distribution and production of Leapmotor vehicles outside China. Leapmotor itself handles production and sales exclusively in China, where development also takes place. Officially, Leapmotor International has no access to the technologies. However, reports suggest that negotiations are underway for Stellantis to use its partner’s technologies in its own models in the future – though this has not yet been confirmed.

In Europe, Leapmotor is primarily known for the compact car T03, which was the manufacturer’s first model and was briefly produced in Poland. However, the Stellantis partner has significantly expanded its model range in China and has since introduced several vehicles to Europe, including the SUV models C10 and B10. The latter is set to be manufactured in Spain from 2026.

Leapmotor typically offers battery-electric versions and vehicles with range extenders. However, the sales statistics do not distinguish between the two drive types, so it is not possible to determine exactly how many battery-electric vehicles (BEVs) or extended-range electric vehicles (EREVs) the company sold.

For the current year, Leapmotor’s management expects further growth but does not anticipate another doubling of sales. The target for 2026 is one million vehicles, with the company aiming to reach four million annual sales within the next decade. To achieve this, four new product launches are planned for 2026 across all main product series – A, B, C, and D.

It has already been confirmed that the battery-electric compact SUV Leapmotor A10 will officially launch in China on 26 March. Additionally, Leapmotor announced this week that its flagship SUV, the D19, will enter the market at the end of April. The summer – ‘between late June and early July’ – will see the introduction of the compact electric car A05 and the luxurious van D99.

cnevpost.com, carnewschina.com, hkexnews.hk (PDF, in Chinese), cnevpost.com (sales target)