China

Leapmotor's tiny EV wins over China, but profits, scale remain elusive

Leapmotor T03
Despite its popularity across China, the affordable T03, which starts from 79,500 yuan ($11,200), remains a loss leader, with Leapmotor’s gross margin for the second quarter coming in at negative 25.6 percent, versus around 11 percent to 21.5 percent for peers. (BLOOMBERG/Leapmotor)
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By:
SELINA XU
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By:
Bloomberg
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October 06, 2022 01:45 PM

Zhejiang Leapmotor Technologies has more than last week’s disastrous trading debut in Hong Kong to worry about. While the electric-vehicle maker’s T03 mini car is outselling the likes of Nio Inc. and Xpeng Inc. in China, it isn’t making a profit.

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