BRIEF: Leapmotor’s loss narrows on rapid growth
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
To subscribe to Bamboo Works free weekly newsletter, click here
Related Articles
RELATED ARTICLES
-
Leapmotor jumps to first-ever quarterly profit
9863.HK -
BRIEF: Leapmotor to assemble electric vehicles in Myanmar
9863.HK
-
BRIEF: Stellantis halts Leapmotor EV production in Poland
9863.HK STLA.US
-
BRIEF: Leapmotor becomes profitable a year ahead of schedule
9863.HK
-
No longer alone at head of the NEV pack, Li Auto shows early adopters don’t always win
2015.HK LI.US
- BRIEF: Xpeng，Leapmotor make triple-digit gains in February as BYD retains NEV crown
