Leapmotor Reports First-Ever Annual Profit
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Zhejiang Leapmotor Technology Co. Ltd. reported its first-ever annual profit in 2025, as the company led in sales among China’s electric vehicle (EV) upstarts.
The turnaround highlights the effectiveness of the company’s aggressive pricing strategy against domestic rivals and its expanding global footprint, which is increasingly bolstered by lucrative technological tie-ups.
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- Leapmotor reported its first annual profit in 2025, earning 540 million yuan with revenue up 101.3% to 64.7 billion yuan, and delivered 596,555 vehicles, surpassing XPeng and Li Auto.
- Aggressive pricing, successful SUV models (C10/C11), and partnerships with FAW and Stellantis, including a $1.7 billion Stellantis investment, fueled growth.
- Overseas revenue surged, with 67,000 exports in 2025; Leapmotor targets one million deliveries and over 5 billion yuan net profit for 2026.
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Who’s Who
- Zhejiang Leapmotor Technology Co. Ltd.
- Zhejiang Leapmotor Technology Co. Ltd. achieved its first annual profit in 2025, leading sales among Chinese EV startups with a net profit of 540 million yuan. This turnaround was driven by aggressive pricing, cost controls, and an optimized product mix, pushing revenue to 64.7 billion yuan. The company also expanded globally through strategic partnerships with companies like China FAW Group and Stellantis NV.
- XPeng Inc.
- XPeng Inc. is a Chinese electric vehicle (EV) manufacturer. In 2025, XPeng Inc. delivered 429,000 units, placing it behind Zhejiang Leapmotor Technology Co. Ltd. in sales among China's EV upstarts.
- Li Auto Inc.
- Li Auto Inc. delivered 405,000 electric vehicles in 2025, according to Leapmotor's annual earnings report. This sales volume placed them behind Leapmotor, which delivered 596,555 units, and XPeng Inc., which delivered 429,000 units.
- BYD Co. Ltd.
- BYD Co. Ltd. is a market leader in China's electric vehicle (EV) sector. Zhejiang Leapmotor Technology Co. Ltd. closely targets BYD, positioning its C10 and C11 SUVs against BYD's Song Plus and Song L models. Leapmotor's aggressive pricing strategy, offering models generally 5,000 to 15,000 yuan cheaper than their BYD counterparts, has helped it capture market share.
- Huachuang Securities
- Huachuang Securities published a report highlighting Leapmotor's aggressive pricing strategy. This strategy involved pricing its C10 and C11 SUVs 5,000 to 15,000 yuan cheaper than comparable BYD models, which allowed Leapmotor to successfully gain market share.
- China FAW Group Co. Ltd.
- China FAW Group Co. Ltd. is a state-owned automaker that signed a memorandum of understanding with Leapmotor in March 2025 for the joint development of new energy vehicles and components. FAW also made a 3.7 billion yuan strategic investment in Leapmotor in December. Their first co-developed model, primarily targeting overseas markets, is expected to enter mass production in the third quarter of 2026.
- Stellantis NV
- Stellantis NV, a European automaker, invested approximately 1.5 billion euros ($1.7 billion) in Leapmotor in October 2023, acquiring a 21% stake. They later formed a joint venture to manage global sales of Leapmotor vehicles. Stellantis is reportedly exploring integrating Leapmotor's technology into its mass-market brands to reduce costs.
- Fiat
- The article mentions Fiat in the context of Stellantis possibly integrating Leapmotor's technology into its mass-market brands, such as Fiat and Peugeot, to reduce costs. Talks between Stellantis and Leapmotor regarding vehicle and component collaborations are in advanced stages.
- Peugeot
- The article mentions that Stellantis, a European automaker that owns Peugeot, invested in Leapmotor in October 2023. There are rumors that Stellantis may integrate Leapmotor's technology into its mass-market brands, including Peugeot, to reduce costs. The two companies are actively exploring collaborations on vehicles and components.
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What Happened When
- October 2023：
- Stellantis invested about 1.5 billion euros ($1.7 billion) in Leapmotor for a 21% stake.
- 2024：
- Leapmotor reported a net loss of 2.8 billion yuan.
- Second half of 2024：
- Leapmotor began its international push, later delivering 67,000 vehicles overseas in 2025.
- March 2025：
- Leapmotor signed a memorandum of understanding with FAW for the joint development of new-energy vehicles and components.
- 2025：
- Leapmotor reported its first-ever annual profit: a net profit of 540 million yuan.
- December 2025：
- FAW made a 3.7 billion yuan strategic investment in Leapmotor.
- March 17, 2026：
- Leapmotor released its annual earnings report, revealing financial results for 2025.
AI generated, for reference only
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