Leapmotor's revenue to surge 92% in 2024

In 2024, Leapmotor's revenue will be 32.16 billion yuan, up 92% year-on-year; its net loss will be narrowed to 2.82 billion yuan, down 33% year-on-year. In the fourth quarter of 2024, Leapmotor's net profit will turn positive, reaching 80 million yuan, and it will achieve its single-quarter profit target one year ahead of schedule, which means that Leapmotor will become the second profitable new force after Ideal. Gross profit margin will increase by 7.9 percentage points from 0.5% in 2023 to 8.4%; R&D expenditure will be 2.9 billion yuan, up 51.0% year-on-year; 293,724 new cars will be delivered throughout the year, exceeding the annual target; by the end of 2024, Leapmotor's cash on hand will reach 20.42 billion yuan, up 5.3% year-on-year. Leapmotor's sales target for 2025 is set at 500,000 to 600,000 vehicles.