On March 21, Leapmotor announced its Q4 and full-year financial report for 2022, showing a YoY revenue growth rate of nearly 300\%, reaching RMB 12.38 billion for the year. The company delivered a total of 111,168 vehicles in 2022, representing a YoY growth rate of 154\%.
Regarding gross profit margin, the rate has improved dramatically from -44.3\% in 2021 to -15.4\% in 2022, narrowing to -8.1\% in the second half of 2022. Leapmotor adopts a dealer model, and dealer rebates are subtracted from sales revenue. With the deduction of these rebates, Leapmotor achieved a positive gross margin in the second half of 2022.
In terms of operating profit, Leapmotor has kept its expenses (sales, administrative, and R&D expenses) low, and is expected to achieve profitability more quickly as the product structure of whole vehicles is optimized and sales scale expands.
Leapmotor continues to enrich its product portfolio. In September 2022, the smart luxury electric sedan C01 was launched and deliveries began. The first extended-range model C11 and the 2023 series have completed their development. In March 2023, the entire 2023 series was officially released, and in the same month, the C11 extended-range model was launched and deliveries began. Leapmotor has become an enterprise that deploys both pure electric and extended-range power through its dual-drive system. All the company’s new models in the future will simultaneously launch both pure electric and extended-range versions.
Leapmotor implements user function upgrades through OTA. In 2022, Leapmotor completed four OTA upgrades, introducing over ten new functions and modules for the C11, such as ALC automatic lane-changing assistance and HWA high-speed driving assistance, and optimizing ten functions for the T03, such as ACC adaptive cruise control operation logic.
In 2022, Zeekr continued to implement its holistic self-research strategy and made progress in the “three-electric” field.
In the battery field, the world’s first battery-free CTC power battery architecture produced by COI is implemented on a platform development through differentiated arrangement.
In the electric-drive system, the mass-produced variable-architecture oil-cooled electric-drive achieved a design life of 200 kW, 360 N·m, and 1 million kilometers. Meanwhile, the direct-drive oil-cooled range extender and range extender controller applied to the C11 range-extender model have also been mass-produced.
The intelligent cockpit “Leapmotor OS” is advancing from version 1.0 to version 3.0, which is a real-time multi-core heterogeneous system that integrates vehicle entertainment, interaction, vehicle control, and autonomous driving fusion sensing, connection and calculation capabilities.
Moreover, in the second half of 2023, Zeekr will install “centralized electronic and electrical architecture” in the models that will be launched.
Under the “direct sales + city cooperative partner” model, as of the end of 2022, Zeekr had a total of 582 stores, a year-on-year growth of 100%, covering 180 cities.
In terms of overseas market layout, in November 2022, Zeekr’s first batch of overseas stores landed in the shopping malls of Tel Aviv, Haifa, and Ramat Gan Ayalon, delivering the first batch of vehicles to Israeli customers.
In 2023, Zeekr will gradually expand its global network in Europe, Southeast Asia, the Middle East and other regions.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.