Leapmotor Hits Record Q1 2026 Revenue Amid Falling Margins, Net Loss Widens to RMB 3.9 Billion

Leapmotor delivered 110,155 vehicles globally in the first quarter of 2026, including 40,901 units exported overseas, placing it among the top Chinese EV startups. The company reported revenue of RMB 10.82 billion for the quarter, up 8.0% year-over-year—a record high for the period—primarily driven by higher deliveries of vehicles and spare parts, partially offset by a decline in average selling price due to shifts in product mix. Gross margin for the quarter stood at 9.4%, down from 14.9% in the same period of 2025 and 15.0% in Q4 2025, mainly impacted by changes in product mix and reduced strategic partnership business. Net loss widened to RMB 3.9 billion, compared to a net loss of RMB 1.3 billion in the same period of 2025. In April alone, Leapmotor achieved a record monthly global delivery volume of 71,387 units, with overseas exports reaching 14,225 units—nearly 20% of total deliveries. Regarding new models, the Leapmotor A10 garnered over 40,000 firm orders in its launch month, with current daily production capacity exceeding 1,000 units. The D19 secured more than 15,000 firm orders within 15 days of its launch, standing out in the RMB 250,000-class full-size SUV segment. Additionally, Leapmotor’s first MPV model, the D99, is scheduled to begin pre-sales in June 2026.