BRIEF: Leapmotor’s loss narrows on rapid growth

9863.HK

Electric vehicle (EV) maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) reported Monday its sales in the third quarter jumped 94.4% year-on-year to 86,165 units, fueling a 74.3% revenue increase to 9.86 billion yuan ($1.37 billion) for the period.

The company recorded a net loss of 690 million yuan for the three-month period, significantly narrowing from the 990 million yuan loss in the year-ago period, mainly due to its rapidly rising sales and improving gross profit, combined with cost controls.

The big revenue jump came nearly a year after global auto giant Stellantis (STLA.US) bought more than 20% of Leapmotor’s shares, and the pair established a joint venture to develop Leapmotor’s export business outside Greater China and also manufacture Leapmotor products.

Leapmotor’s stock closing down 1.2% at HK$33.5 by the midday break on Tuesday.

By A. Au

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