Leapmotor has announced its 2025 interim financial results, marking a milestone by achieving its first-ever semi-annual net profit. The company reported a net profit of 30 million yuan (4.17 million USD) for the first half of 2025, a turnaround from a net loss of 2.21 billion yuan (307 million USD) in the same period last year. This achievement makes Leapmotor only the second Chinese electric vehicle (EV) startup to reach semi-annual profitability.
A substantial increase in vehicle deliveries and revenue drove the performance. For the first half of 2025, Leapmotor’s revenue surged by 174% year-over-year to 24.25 billion yuan (3.37 billion USD). This growth was primarily attributed to a rise in vehicle and spare parts deliveries, increased income from strategic collaborations and carbon credit trading, and higher service revenue linked to vehicle sales.
Leapmotor delivered 221,700 new vehicles in the first half of 2025, securing the top spot among Chinese new energy vehicle (NEV) startups with a 155.7% year-over-year increase. Exports also saw growth, with 20,000 units shipped overseas. The company celebrated a milestone on June 18, reaching over 800,000 cumulative deliveries.
Revenue from electric vehicles and components sales reached 23.1 billion yuan (321 million USD), up 161.4% year-over-year, while non-automotive sales contributed nearly 1.1 billion yuan (153 million USD). Despite a 0.13 billion yuan (18 million USD) loss in the first quarter, the company managed to achieve overall profitability for the half-year.
Gross margin for the first half of 2025 reached 14.1%, an increase of 13 percentage points compared to the previous year.
Li Tengfei, Vice President and CFO of Leapmotor, stated that the automotive gross margin for the first half was around 12%, with a full-year forecast of 14%-15%. The company aims to achieve full-year profitability in 2025, targeting a net profit of 0.5 billion to 1 billion yuan (69.5 million to 139 million USD).
Leapmotor’s financial report also showed increased operational expenses. Sales expenses rose by 56.7%. Administrative expenses grew by 79.5%. Research and development (R&D) expenses increased by 54.9%.
As of June 30, 2025, Leapmotor’s sales and service network covered 286 cities, adding 88 new cities, with 806 sales stores and 461 service outlets. The company plans to expand its coverage to 90% of cities and counties by the end of 2025, adding 60 new locations.
Following a record-breaking July with over 50,000 deliveries, Leapmotor anticipates further sales growth in August and September, projecting third-quarter sales between 170,000 and 180,000 units.
The company has raised its annual sales guidance for the second time this year, from 500,000-600,000 units to 580,000-650,000 units. The overseas sales target for 2025 remains unchanged at 50,000-80,000 units. Looking ahead, Leapmotor has set an ambitious goal of achieving 1,000,000 annual vehicle sales in 2026.
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