Beijing (Gasgoo) – In the third quarter of 2022, Hong Kong-listed Chinese new energy vehicle startup Leapmotor’s revenue increased by about 400% year-over-year, according to the company’s financial report dated Nov. 14.

Photo credit: Leapmotor

In July — September. Leapmotor’s quarterly revenue was 4.29 billion yuan ($608.77 million), representing 398.5% year-on-year growth and a 38.8% jump from the previous quarter. During the period, the company’s gross margin reached 8.9%, which continued to improve compared to gross margins of 44.5% in 3Q2021 and 25.6% in 2Q22.

In the third quarter of the year, Leapmotor recorded a net loss attributable to shareholders of 1.34 billion yuan ($190.15 million), compared with 719.1 million yuan ($102 million) in the third quarter of 2021 and 1.4 billion yuan ($198.67 million) in the second quarter of 2022.

According to the company’s founder, chairman and CEO Zhu Jianming, the financial report for the third quarter of 2022 demonstrated the results of Leapmotor’s product development and marketing efforts, with the company achieving record quarterly shipments despite external supply chain challenges. The average selling price and gross profit of Leapmotor vehicles improved significantly during the reporting period as the C11 and C01 models become more popular in the Chinese market.

Moreover, the automaker intends to launch a range-extended version of the C11 electric car model in the fourth quarter of 2022. Meanwhile, as a step forward in its global rollout, Leapmotor has successfully delivered its first batch of vehicles to Israel.

In July — September. Leapmotor delivered a total of 35,608 vehicles, representing a year-over-year increase of 186%. As of September 30, the company’s retail network has expanded to 490 stores in 156 cities.

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