Beijing (ZXZC)- The HK-listed Chinese new energy vehicle startup, Leapmotor, saw its revenue in the third quarter of 2022 leap roughly 400% year over year, according to the company's financial report on November 14.

Photo credit: Leapmotor

In the Jul.-Sept. period, Leapmotor brought in a quarterly revenue of 4.29 billion yuan ($608.77 million), representing a 398.5% soar year on year, and a 38.8% jump over the previous quarter. In the period, the company's gross margin reached  negative 8.9%, which continued to improve, compared to the gross margin of  negative 44.5% in Q3 2021, and  negative 25.6% in Q2 2022. 

In the third quarter of the year, Leapmotor recorded a net loss attributable to shareholders of 1.34 billion yuan ($190.15 million), versus 719.1 million yuan ($102 million) in Q3 2021, and 1.4 billion yuan ($198.67 million) in Q2 2022. 

According to founder, chairman, and CEO of the company, Zhu Jiangming, the financial statement in third quarter of 2022 demonstrated the results of Leapmotor's product development and marketing efforts, with the company achieving a record-high quarterly delivery despite the external challenges in the supply chain. The average sales price and gross margin of Leapmotor's vehicles has been drastically improved in the reporting period, as the C11 and the C01 models have become more and more popular in the Chinese market. 

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

In the Jul.-Sept. period, Leapmotor delivered a total of 35,608 vehicles, indicating a 186% year-over-year hike. As of September 30, the company's sales network has expanded to 490 stores in 156 cities.