Chinese EV startup Leapmotor, who became one of the major players in the Chinese EV market at short notice, published a financial report on November 14. According to the report, the company witnessed an %398,5 increase in revenue, YoY in the Q3 of 2022.
Leapmotor reported quarterly sales of $608.77 million from July to September, up 38.8% from the prior quarter and increasing by 398.5% year over year. When compared to the gross margin of negative 44.5% in Q3 2021 and negative 25.6% in Q2 2022, the company’s gross margin during the period reached negative 8.9%, which continued to improve.
Leapmotor reported a net loss of $190.15 million in the third quarter of 2022, compared to losses of $102 million in the Q3 of 2021 and $198.67 million in the Q2 of 2022.
Founder and CEO Zhu: We receive the fruits of product development and marketing efforts
According to Leapmotor’s founder, chairman, and CEO Zhu Jiangming, the financial data regarding the third quarter of 2022 shows the results of the company’s product development and marketing efforts. Despite external supply chain issues, the company achieved a record-high quarterly delivery. Thanks to the C11 and C01 models’ rising popularity in the Chinese market, Leapmotor’s vehicles’ average selling price and gross margin significantly increased throughout the reporting period, according to Zhu.
Leapmotor supplied 35,608 automobiles between July and September, an increase of 186% from the same period last year. The company’s sales network has grown to 490 outlets across 156 locations as of September 30, 2022.
Furthermore, in the fourth quarter of 2022, the Chinese EV manufacturer plans to introduce a range-extended version of the C11 EV model. Recently, the company has delivered the first batch of vehicles to Israel, marking a significant advancement in its global deployment.
Chinese company is founded by Zhu Jiangming and Fu Liquan in 2015. In its first four years, the company carried out intensive R&D activities to develop its own electric/smart vehicle technologies. By 2020, it introduced the first AI chip of a Chinese car brand developed for use in autonomous driving. Currently, Leapmotor is among the pioneers of the smart automobile industry with more than 1200 patent applications.