Beijing (ZXZC)- On August 15, Chinese new energy vehicle maker Zhejiang Leapmotor Technology Co., Ltd. (“Leapmotor”) released its financial report for the first half of 2024, during which the company recorded a revenue of 8.845 billion yuan, marking a 52.2% year-on-year surge.

Photo credit: Leapmotor

Net loss attributable to equity holders was 2.212 billion yuan in the period, which slightly improved from the 2.276 billion yuan net loss in the same period last year.

Leapmotor's gross profit margin for the first half of this year was 1.1%. Specifically, its gross profit margin rose from the -1.4% in the first quarter to 2.8% in the second quarter. The company anticipates further improvements in the second half of 2024 and aims for a mid-term gross margin target of 15%, as disclosed by an executive.

C16; photo credit: Leapmotor

Despite intense price competition in China’s new energy vehicle market earlier this year, Leapmotor maintained stable sales. The company delivered around 86,700 vehicles in the first six months of this year, which shot up 94.8% year over year.

In July, Leapmotor achieved monthly deliveries of 22,100 vehicles. At the same time, the company reported a net order increase of 28,000 vehicles. In early July, Leapmotor celebrated a cumulative delivery milestone of 400,000 vehicles, and it projects significant quarter-on-quarter sales growth in the third quarter of this year.

The company emphasized in its report, "Our sales growth is consistently driven by product strength, with each new model showing month-over-month sales increases, rather than relying on heavy resource investment for short-term orders before market launch."