Leapmotor announced on the Hong Kong Stock Exchange today that its revenue in 2023 will be RMB 16.7467 billion, an increase of 35.2% from 2022; its gross profit margin in 2023 will be 0.5%, a significant improvement from 2022; The net loss in 2023 will be RMB 4.2163 billion, narrowing year-on-year.
Summary of the sales of Leapmotor as follows:
Total vehicle deliveries in 2023 were 144,155 vehicles, an increase of 29.7% from 2022’s 111,168 vehicles.
C11 deliveries were 80,708 units, an increase of 81.9% from 2022’s 44,371 units.
C01 deliveries were 24,993 units, an increase of 419.1% from 2022’s 4,815 units.
T03 deliveries were 38,454 units, down 37.9% from 2022’s 61,919 units.
As of December 31, 2023, Leapmotor had a total of 560 stores covering 182 cities.
Leapmotor said that the company’s current business strategy covers three elements: leveraging the cost advantage gained from global self-research in the Chinese market, and continuing to launch “good but not expensive” new energy vehicle products in the mainstream market of RMB 100,000-300,000; In overseas markets, we will cooperate with Stellantis in a light-asset model to accelerate and expand the global sales of high-tech and highly cost-effective products; we will realize the external supply of core components of Sanden and are negotiating with other OEMs to enter the other party’s supply chain system to expand new business growth points.
For the first time in 2023, the company achieved positive gross profit for the year, positive operating cash flow for the year, reaching 1.0816 billion RMB, and working capital of 19.3881 billion RMB.
Zhu Jiangming, founder, chairman and CEO of Leapmotor, said:
While we’re still a long way from success, in 2023 we took another big step forward.
In 2023, our sales will grow steadily, our deliveries will continue to hit record highs, and we will remain at the forefront of the new force camp. In the past year, our product structure has been optimized, and the main sales model has changed from the T03 in the past to the higher-priced C11; with extremely competitive product pricing, we have reached the goal of turning the full-year gross profit into positive in 2023 ahead of schedule. Target, business operations achieved positive cash flow. Our brand awareness and familiarity have been greatly improved. The moat we have formed in smart electric technology and the accumulated experience of eight years of self-research in all areas have given us the ability to continue to reduce costs and increase efficiency, and bring users A product with high quality-price ratio and super configuration.
In 2023, we will redefine the selection criteria for new energy vehicles in the RMB 150,000-200,000 class through the release of a series of new products; and launch the “pure electric + extended range” dual-power layout to meet the diverse travel needs of users ; Launched the C series super extended range with the highest pure electric range of more than 300 kilometers, setting a new benchmark in the market value of RMB 150,000-200,000; C11 once sold more than 10,000 RMB per month, becoming the benchmark in the new energy SUV camp with RMB 150,000-200,000 .
In 2023, we released the “Clover” central integrated electronic and electrical architecture, realizing the industry’s first four-domain integration, laying a solid foundation for truly realizing software-defined cars, and allowing us to enter the LEAP3.0 technology era.
It is precisely because of our competitiveness in technology and products that in 2023, we will welcome investment and strategic cooperation from the heavyweight global strategic partner-Stellantis Group. We will use our unique new global development model of light assets to go overseas. “Building an international brand around self-research in all areas” is the strategic goal. Relying on Stellantis Group’s global channels and after-sales service network, we can quickly open up the international market and create an international brand for zero-run on a global scale.
