Sales Champion Crowned, Rapid Global Expansion, Annual Profitability! Leapmotor Accelerates High-Quality Development

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In 2025, China’s new energy vehicle market penetration rate surpassed 50% for the first time, officially shifting from policy-driven to market-driven. Industry competition has moved from the scale-expansion phase to a focus on profitability, technological barriers, and global deployment, entering the elimination stage of the second half.

During this critical transformation, Leap Motor delivered an impressive annual report. In 2025, Leap delivered 596,555 vehicles, topping the new force sales chart, achieving a first-ever annual profit of 540 million yuan, and exporting 67,000 units overseas, ranking first among new energy vehicle startups. Solid performance demonstrates the brand’s pragmatic, innovative, and hardworking spirit, completing its strategic shift from scale leadership to high-quality development.

Scale Advantage Consolidates Market Voice; Channel Capacity Lays Foundation for Growth

In 2025, as the “Matthew Effect” in the new energy industry intensified, Leap Motor relied on precise product positioning and full supply chain cost control to achieve continuous sales growth.

In 2025, Leap’s total deliveries reached 596,555 units, a 103.1% increase year-over-year. Not only did it surpass leading startups like Li Auto and Xpeng to top sales rankings, but it also became the only Chinese automaker with monthly deliveries exceeding 70,000 units, solidifying its market dominance through scale advantages.

Behind this achievement is Leap’s deep insight into mainstream consumer needs and its pragmatic product strategy of “luxury features for the masses.”

Targeting the mainstream market of 100,000–200,000 yuan, Leap developed core product matrices for the B/C series. Among them, the B10, a global strategic model, has been launched in 31 countries and regions, with sales surpassing 100,000 units in just 11 months. The C10, with a 66.8% efficiency rate, 605 km pure electric range, and laser radar, has become a benchmark for 150,000-yuan global products, with cumulative sales exceeding 159,000 units in 2025. This “affordable yet high-tech” approach precisely meets family users’ core needs for value-for-money smart vehicles, helping Leap maintain a competitive edge in fierce market competition.

The strong product cycle continues, with Leap’s first A-series model, A10, scheduled to launch on March 26, 2026. Positioned as an “intelligent, long-range SUV,” it aims to serve mainstream families and quality-conscious users with “all-scenario, no-compromise” mobility solutions. The D-series’ first “tech-luxury flagship SUV,” D19, will debut in April 2026, redefining the 300,000-yuan full-size SUV with flagship-level range, intelligence, driving control, safety, comfort, and aesthetics.

Channel and capacity expansion provide solid support for sales growth. By the end of 2025, Leap’s sales and service network covered 295 cities, with 950 sales stores and 526 service outlets. Through the “Golden and Silver Seed Investors Program,” high-quality resources were introduced, increasing store efficiency by 85.1% compared to 2024. Capacity-wise, Leap’s factories have achieved an annual production capacity of over one million vehicles, ensuring order fulfillment and further reducing production costs through economies of scale, creating a positive cycle.

Self-Developed Technology Breaks Profitability Bottleneck; Revenue Model Creates a Healthy Growth Loop

In 2025, Leap Motor achieved a net profit of 540 million yuan, becoming the second new energy vehicle startup to turn a profit in the year, marking a complete break from the industry’s “scale without profitability” dilemma and validating the “self-developed technology + cost control” business model. This breakthrough is no accident but the result of years of dedicated core technology development and operational optimization.

Profitability was driven by continuous gross margin improvement and efficient expense management. In 2025, Leap’s gross margin reached 14.5%, up 6.1 percentage points from the same period last year, with Q4 gross margin rising to 15%, a quarterly high.

Margin improvements stem from the full implementation of the LEAP 3.5 technical architecture and ongoing cost management. Additionally, over 65% of Leap’s parts are self-developed and manufactured, reducing reliance on external suppliers in key areas like the core three-electric system, high-value components, and more.

Combined with product mix optimization and other revenue streams, Leap’s “self-developed technology reduces costs and scales effects” profit path aligns with the capital market’s shift from “burning money for scale” to “sustainable profitability,” helping it stand out amid industry profit polarization.

Healthy cash flow further confirms profit quality. In 2025, Leap’s operating cash flow reached 12.62 billion yuan, with free cash flow of 7.82 billion yuan, and cash reserves of 37.88 billion yuan. Ample funds support ongoing R&D, global expansion, and new model development, creating a virtuous cycle of “profit-cash flow-R&D.”

In 2025, amid the industry’s shift from “electricization” to “intelligentization,” Leap adhered to an “all-domain self-research” strategy, making breakthroughs in technical architecture, assisted driving systems, and core components. This technological innovation drives high-quality development and builds a unique core competitiveness, exemplifying “high-quality development” through innovation.

Resource Synergy Opens Second Growth Curve; Revaluation Sparks New Cycle

In 2025, Leap’s overseas exports reached 67,052 units, ranking first among Chinese new energy vehicle startups. By the end of February 2026, exports exceeded 100,000 units, accelerating globalization.

Deep cooperation with Stellantis became a key driver of Leap’s global expansion. The joint venture “Leap International,” established by both, leverages Stellantis’s extensive channels and manufacturing resources in over 130 countries and regions, rapidly expanding overseas markets. In 2025, Leap’s pure electric sales in 29 European countries ranked among the top three Chinese passenger car brands, second in Q4; in South America, the C10 and B10 models were launched in Brazil, with over 30 stores, successfully entering Stellantis’s advantageous markets.

Leap International achieved annual profitability in its second year, a rare feat among EV exporters. Through diversified revenue streams such as vehicle exports, component supply, licensing fees, and carbon credit transfers, Leap’s global business not only increased sales but also established a sustainable overseas profit system, fueling long-term growth.

Leap’s strategic transformation aligns with the market’s valuation shift from “burning money for scale” to emphasizing technological barriers, sustainable profits, and ecosystem synergy. In December 2025, Leap was included in the Hang Seng Tech Index, marking recognition of its innovation, R&D investment, and revenue growth by the capital market, broadening its investor base.

From a follower to a new force leader, from technological catch-up to profit leadership, Leap Motor has demonstrated the power of “pragmatic innovation and diligent work” over ten years. In the new stage of high-quality development in the industry, Leap has achieved breakthroughs in sales, profitability, and globalization, standing at a new starting point.

Notably, in December 2025, FAW’s strategic investment in Leap marked it as the only new energy startup with backing from government capital, a multinational giant, and a state-owned enterprise leader. The founding team retains controlling interest, a rare feature among new forces, and has built a “national team certification + global vision + founder control” brand triangle.

Looking ahead, with continued technological innovation, expanding product matrix, and steady global expansion, Leap Motor is poised to become a key representative of Chinese new energy vehicles going global, creating greater value for shareholders, users, and the industry.