Following in the footsteps of Li Auto, Leapmotor, and VOYAH, another new energy vehicle brand has officially declared profitability. On December 25th, on the occasion of IM Motors' fifth anniversary, CEO Jiang Jun and Co-CEO Liu Tao penned an internal letter to all staff. In this letter, IM Motors announced that it had achieved its first 'full-cost basis profit' for the brand in December.

Recalling Liu Tao's public commitment in April this year: 'Our aim is to achieve monthly profitability on a full-cost basis by the year's end. That's my target.' Eight months later, IM Motors successfully fulfilled this goal. However, IM Motors did not reveal the expected profit figures this time.

It's important to note that, unlike the semi-annual or annual profitability declared by Li Auto, Leapmotor, and VOYAH, IM Motors' current profitability is solely on a monthly basis. This indicates that IM Motors' profitability foundation is not yet robust, and there's still a long road ahead to achieve genuine, sustained, and stable profitability. Nevertheless, from a corporate operations standpoint, IM Motors has achieved its first monthly 'full-cost basis profit.'

Currently, no automotive company employs the full-cost basis profitability metric. Unlike the general notion of profitability, full-cost basis profitability necessitates covering all costs, encompassing direct costs (such as raw materials and labor), indirect costs (such as utilities and depreciation), and potential costs (such as opportunity costs). For instance, Tuha Oilfield meticulously aggregates costs, even down to the individual well level. In contrast, accounting under generally accepted accounting principles typically includes only direct costs and some indirect costs, with potential costs (such as opportunity costs) generally omitted.

This profitability in itself is a strong positive indicator. It demonstrates that IM Motors' business model is viable and its cost control capabilities have been validated, laying the groundwork for its subsequent sustained profitability. Currently, among companies that have achieved profitability (based on listed company financial statements) are Li Auto, Leapmotor, VOYAH, and Zeekr (under Hong Kong accounting standards). With Zeekr having delisted, IM Motors has become the fourth profitable independent new energy vehicle company.

'This year, we've entered a new phase of brand development as a technological innovator, fully responding to user expectations and the group's trust with solid actions of 'no compromise, no limits, no following the crowd,' the internal letter stated. From this letter, it's evident that IM Motors' management is relatively content with this year's overall performance.

Reflecting on the five years since IM Motors' inception, the company has been on a quest for breakthroughs. In November 2020, SAIC Motor, Zhangjiang Hi-Tech, and Alibaba Group jointly established IM Motors. Dubbed as a brand 'born with a golden key,' it carried SAIC's aspirations for transformation in the intelligent electric era. In 2022, it launched two models, L7 and LS7, attempting to carve out a differentiated perception with the 'sport luxury' label. However, breaking into the high-end new energy vehicle market proved far more daunting than anticipated, with IM Motors selling only around 5,000 units in 2022, marking a challenging start.

Faced with market feedback, IM Motors introduced the SUV model LS6 in October 2023, with a price point dipping below 220,000 yuan. With this model, IM Motors made its mark in the new energy vehicle market. The sedan L6, launched in April of the previous year, further reduced the price to below 200,000 yuan, sparking another wave of sales growth. Transitioning from an initial high-profile approach to a more pragmatic and in-depth strategy, IM Motors' development gradually gained momentum.

From this year's market performance, IM Motors' overall sales were relatively stagnant in the first half. However, the second half witnessed a turning point in its development. In August, IM Motors introduced the Stellar Super Extended-Range Technology; in September, it launched its first extended-range product, the new generation IM LS6, achieving a dual powertrain layout of extended-range and pure electric, catering to diverse user power demands.

IM Motors' strategy in extended-range technology was not a mere copycat move but a differentiated approach featuring 'large battery and long pure electric range.' The new generation LS6 extended-range version boasts a 66-degree Super XiaoYao MAX battery pack, with a CLTC pure electric range of up to 450 kilometers, setting a new benchmark for extended-range vehicles at the time and even surpassing the range of some pure electric models.

This large-battery extended-range route ensures a worry-free experience for long-distance travel while achieving the low-cost advantage of pure electric for daily use. The robust sales of the new generation IM LS6 extended-range version validated the success of this technological route, especially the overwhelming orders for the LS6's 66-degree Super XiaoYao MAX version, prompting IM Motors to specially ramp up battery production lines to ensure timely delivery.

The strong sales of the new generation IM LS6 extended-range version provided a significant boost to IM Motors' development. In mid-November, IM Motors capitalized on the momentum to launch the large six-seat extended-range flagship model LS9. This model continued the 'large battery' strategy and further excelled in terms of space, configuration, and intelligent experience. The market responded enthusiastically, with the model securing 5,000 firm orders just 25 minutes after launch. Under the 'twin star' combination of LS6 and LS9, IM Motors' sales quickly rebounded from the lows.

According to data mentioned in the internal letter, IM Motors has achieved monthly sales exceeding 10,000 units for four consecutive months (including December), with quarterly sales demonstrating strong consecutive month-on-month growth.

In addition to the implementation of new technologies and products, IM Motors also accelerated the expansion of its offline channel network this year, reaching a broader market. According to previous plans, by the end of this year, IM Motors' nationwide store count will exceed 400, with a focus on enhancing network coverage in northern markets and third- and fourth-tier cities. According to Jie Lu Lan statistics, as of the third quarter of this year, IM Motors had a total of 454 operating outlets (including temporary exhibits), covering 145 cities, significantly improving channel density and breadth, increasing the brand's reach, and providing a guarantee for sustained sales growth.

While continuing to expand in the domestic market, IM Motors also embarked on a globalization journey this year. Leveraging SAIC Motor's overseas channel advantages, the overseas versions of IM LS6 (IM6) and IM L6 (IM5) have successively entered markets in Southeast Asia, the Middle East, Europe, Latin America, and Australia, commencing bulk deliveries. IM Motors also stated in the internal letter that overseas orders have far exceeded expectations.

'The achievements of 2025 lay a solid foundation for us to reach higher goals, with a vast expanse waiting for us to explore ahead,' the internal letter stated. Building on the sales and market reputation achieved in 2025, IM Motors will continue to focus on 'brand elevation + technological breakthrough' as its core direction in 2026. In terms of technology, IM Motors will accelerate the mass production of wire-controlled chassis and promote the large-scale application of Level 3 autonomous driving; in terms of products, IM Motors will launch new models like the all-new LS8 to further enhance its product matrix. Meanwhile, IM Motors will continue to expand its overseas market layout.

The internal letter stated that five years mark a milestone in IM Motors' growth and a new starting point, the initial phase of IM Motors' journey toward becoming 'an enabler of transformation in the intelligent era.' At the end of the letter, IM Motors' management continued to motivate employees: 'The future may present challenges, but as long as we remain steadfast in our commitment to 'technological innovation,' maintain the synergy of 'collaborative efforts,' and carry the warmth of 'user-centricity,' we will fear no obstacles and prevail in all endeavors.'

However, it's worth mentioning that this profitability is highly likely to pave the way for IM Motors' listing. Like other new energy vehicle companies, IM Motors also has a clear listing plan. As early as 2021, Liu Tao disclosed in an interview that IM Motors has a comprehensive plan for financing and listing, with subsequent A-round, B-round, and C-round financing plans, as well as a clear listing plan. There were later rumors that IM Motors would go public in 2026, but there has been no official confirmation or in-depth reporting by official media.