Zhejiang Leapmotor Technology Co. Ltd. has released its unaudited financial results for the first quarter of 2025, reporting significant growth in both revenue and sales. The company's revenue for Q1 2025 reached RMB10.020 billion, marking a substantial year-on-year increase of 187.1%. This increase was primarily driven by a 162.1% rise in sales and an optimized product portfolio, which led to a 4.9% increase in revenue per vehicle. The company achieved a gross margin of 14.9% in Q1 2025, a notable improvement compared to a negative gross margin of (1.4)% during the same period in 2024. Additionally, Leapmotor reported a significant increase in vehicle deliveries, with a total of 87,552 units delivered in Q1 2025, representing a 162.1% increase from Q1 2024. The C series models accounted for 77.5% of the total sales volume, with 67,812 units delivered. Leapmotor continues to establish itself as the fastest-growing emerging auto brand in China, consistently ranking first among emerging brands in March and April 2025. The company also reported having sufficient cash reserves, with RMB25.7 billion in cash and cash equivalents, restricted cash, financial assets at fair value through profit or loss, and bank time deposits as of March 31, 2025.
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