On March 11, Leapmotor's Chairman Zhu Jiangming revealed to the media that the company is in discussions with Ferrari regarding potential collaboration, encompassing component supply and other areas of mutual interest. Notably, Ferrari representatives are scheduled to visit Leapmotor this week.

Earlier this year, in February, Ferrari's CEO Benedetto Vigna paid a visit to Leapmotor's headquarters, furthering the possibility of a partnership.

Apart from the potential collaboration with Ferrari, Leapmotor also unveiled its 2024 financial report on the same day. The company reported revenue of RMB 32.16 billion, marking a 92% year-on-year increase. While it still incurred a net loss of RMB 2.82 billion, this was a significant improvement from the RMB 4.22 billion loss in the previous year. Moreover, the gross profit margin surged from 0.5% in 2023 to 8.4% in 2024. Notably, Leapmotor achieved its first quarterly profit in the fourth quarter, with a net profit of RMB 80 million.

Sales-wise, Leapmotor delivered 293,700 units in 2024, representing a 103.8% year-on-year growth and surpassing its annual sales target of 250,000 units. In the fourth quarter alone, sales exceeded 120,000 units, averaging over 40,000 units per month.

Analysts widely credit these achievements to Leapmotor's collaboration with the Stellantis Group. In October 2023, Stellantis invested €1.5 billion to acquire approximately 20% of Leapmotor's shares, with the deal closing in November of the same year. This was followed by the establishment of a joint venture, Leapmotor International, in May 2024, with a shareholding ratio of 49:51 between Leapmotor and Stellantis.

As their partnership deepens, Leapmotor's expansion into overseas markets is gathering pace. By the end of 2024, Leapmotor International had established over 400 sales and after-sales service outlets globally, with a significant presence in Europe (over 350 outlets) and emerging markets in the Asia-Pacific, Middle East, Africa, and South America (nearly 50 outlets).

Zhu Jiangming expressed optimism about Leapmotor's future, stating that Leapmotor International aims to have over 550 sales outlets by 2025. He further projected that the company will sell between 500,000 and 600,000 units in 2025, with an overseas sales target of 50,000 units (compared to 13,000 units in 2024).

Notably, Leapmotor anticipates a gross profit margin of 10% to 12% in 2025, underscoring its commitment to profitability and growth.