Beijing (ZXZC)- On March 25, Chinese new energy vehicle manufacturer Leapmotor released its full-year financial report for 2023, revealing record-high revenue and delivery figures.

Photo credit: Leapmotor

According to the report, in 2023, Leapmotor’s annual revenue reached 16.75 billion yuan, surging 35.2% compared to the previous year. 

Meanwhile, the company delivered a total of 144,155 vehicles throughout the year, marking a year-on-year jump of nearly 30%. Specifically, the automaker’s C-series product lineup, including the C11 and C01 models, achieved a total delivery volume of 105,701 units last year, accounting for over 73% of the company’s total annual figure. Notably, the ratio stood at 44.3% in 2022, demonstrating a continued improvement in its product structure.

In terms of gross margin, Leapmotor achieved its goal of positive gross margin ahead of schedule in the third quarter of 2023. The company recorded its first full-year positive gross margin (0.5%) in 2023, with an adjusted full-year gross margin of 11.6% (if dealer channel rebates are included on the same basis as other new energy vehicle startups in the industry). 

Operating cash flow turned positive for the first time as well, reaching 1.08 billion yuan for the full year. As of the end of 2023, Leapmotor's funds totaled 19.39 billion yuan, maintaining a healthy asset-liability structure.