Leapmotor

Business

Leapmotor (零跑汽车, Zhejiang Leapmotor Technology) makes electric and extended-range cars across four product series, A, B, C and D, priced from ¥60,000 to ¥300,000 (2026 interim results announcement, p. 3).

Results

In the first half of 2026 revenue rose 57.2% to ¥38.11bn and net profit attributable to equity holders was ¥210m, against ¥30m a year earlier. Adjusted net profit, which excludes share-based payments, was ¥270m, against ¥330m (p. 2). Gross margin was 11.7%, down 2.4 points from 14.1%, which the company attributes to higher raw material costs and a changed vehicle mix. It was 12.6% in the second quarter, 3.2 points higher than in the first (p. 2). Net cash from operations was ¥2.17bn, against ¥2.86bn a year earlier (p. 2).

Deliveries and exports

It delivered 356,487 vehicles, up 60.8%, and says that ranked first among China's emerging auto brands. Exports were 96,294 vehicles, up 372.6% and more than all of 2025, 27.0% of deliveries. January to July exports were 113,863, which it says is 75.9% of its stretch target of 150,000, and it says its share of Italy's battery-electric car market exceeded 25% (pp. 2, 3, 7). The company says cumulative deliveries have passed 1.6 million (p. 2).

Where it stands

Leapmotor is growing fast, but at a gross margin among the lowest of the carmakers covered here. Rising raw material costs are the reason its filing gives for the fall in margin; see lithium and cathode materials for what has happened to those costs.