Leapmotor Q1 revenue hits 10.8B yuan on record EV deliveries

Chinese electric-vehicle maker Leapmotor (9863.HK) reported record first-quarter revenue of 10.82 billion yuan, driven by surging deliveries that outpaced domestic rivals.

The company’s new models, the A10 and D19, are showing strong early demand, securing more than 40,000 and 15,000 pre-orders, respectively, indicating market approval of its product strategy.

Leapmotor delivered 110,155 vehicles globally in the first quarter, a new high for the period. Exports reached 40,901 units, making up nearly 37 percent of the total volume. The momentum continued into April, with a record 71,387 vehicles delivered.

The strong results position Leapmotor as a formidable player in China’s crowded EV market, with its Q1 delivery numbers surpassing the 83,465 vehicles reported by competitor Nio. This performance highlights Leapmotor's growing scale and increasing traction with both domestic and international buyers.

Export Growth and New Models Drive Performance

A key driver of Leapmotor's record quarter was its expanding international footprint. Exports accounted for a significant portion of sales, a strategy the company appears to be accelerating with nearly 20 percent of its record April sales occurring overseas.

The company is also benefiting from a fresh product cycle. The A10 model has ramped up production to over 1,000 units per day to meet strong demand. Meanwhile, the D19 SUV achieved over 15,000 pre-orders just 15 days after its launch, establishing a strong foothold in the competitive 250,000-yuan SUV segment.

The successful launch of new models and the rapid growth in exports signal that Leapmotor's strategy of offering competitive products in key market segments is paying off. Investors will watch the company's ability to convert strong pre-orders into profitable deliveries when it provides its next update.

This article is for informational purposes only and does not constitute investment advice.