By Jiahui Huang
Upstart Chinese electric-vehicle maker Zhejiang Leapmotor Technology recorded its first-ever annual profit last year, boosted by robust sales growth and its self-developed technology.
The Hangzhou, Zhejiang-based company on Monday said annual net profit was 538.4 million yuan, equivalent to about $78 million, following a 2.82 billion yuan loss in 2024. Revenue doubled to 64.73 billion yuan in 2025.
The results confirmed the automaker's strong sales momentum last year, with both domestic sales and exports growing sharply. Leapmotor exported 67,052 vehicles in 2025.
Its gross margin improved to 14.5% for 2025, driven by cost control, an optimized product mix, and revenue from other business, the company said.
Founded in 2015, Leapmotor has recently witnessed rapid growth, putting it on par with other emerging EV brands in China, the world's largest auto market. The company targets the mass market, with models priced in the 100,000 yuan to 200,000 yuan range.
At an event late last year, Chief Executive Zhu Jiangming said the automaker manufactures 65% of the parts in its cars by value, giving it a 10% cost advantage over peers.
The company targets selling one million cars in 2026, supported by its collaboration with Stellantis, and plans to accelerate its global expansion this year. It aims to reach annual sales of four million vehicles within the next decade, according to its CEO.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
03-16-26 0749ET
