Leapmotor accelerates overseas localization layout
On March 11, Zhu Jiangming, founder, chairman, and CEO of Leapmotor which is a Chinese new energy vehicle company, said, "The combined 30.7% tariffs and 10% shipping costs have significantly affected our competitiveness. Therefore, our biggest goal now is to strive for localized mass production in Europe in the second or third quarter of 2026. At the same time, the B10 model will be sold overseas through whole vehicle exports."
Starting from October 30, 2024, the European Union imposed anti-subsidy tariffs on Chinese-made electric vehicles for a period of five years. Coupled with the original 10% tariff on imported electric vehicles, the tariff rate for Leapmotor's exports to Europe reached 30.7%.
In 2024, Leapmotor delivered 293,700 vehicles, a year-on-year increase of 103.8%, exceeding the annual sales target of 250,000 vehicles. Among them, the average monthly delivery volume in the fourth quarter of 2024 exceeded 40,000 vehicles.
In 2024, Leapmotor achieved a revenue of CNY 32.16 billion, a year-on-year increase of 92%; the gross profit margin increased from 0.5% in 2023 to 8.4% in 2024; the net loss was CNY 2.82 billion, compared with a net loss of CNY 4.22 billion in the same period last year. In the fourth quarter of 2024, Leapmotor's gross profit margin reached 13.3%, hitting a new high. Considering the competitive situation in 2025, the company expects the gross profit margin in 2025 to be between 10% and 12%.
In May 2024, Leapmotor and Stellantis Group jointly established Leapmotor International, responsible for exports, sales, and localized production in overseas markets. By the end of 2024, Leapmotor International had established more than 400 outlets globally that combine sales and after-sales service functions, with over 350 in Europe and nearly 50 in the Asia-Pacific, Middle East, Africa, and South American markets.